Crude Oil Futures: Extra gains look unconvincing

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 16.7K contracts on Friday, reversing two daily builds in a row at the same time. Volume followed suit and remained erratic, diminishing by around 289.5K contracts.

WTI now looks to regain $100.00 and above

Friday’s rebound in prices of the WTI was amidst declining open interest and volume, which is indicative that the continuation of the bull run could be temporary. Immediately to the upside for crude oil, in the meantime, emerges the key $100.00 mark per barrel.

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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