Crude Oil Futures: Extra decline not ruled out

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the sixth consecutive session on Wednesday, this time by almost 28K contracts. In the same line, volume reversed two daily pullbacks in a row and went up by around 253.2K contracts.

WTI remains capped by $54.00

WTI’s price action remained tilted to the downside on Wednesday amidst increasing open interest and volume. Against this, further retracement remains probable while the upside stays capped by the $54.00 mark per barrel for the time being.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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