Crude Oil Futures: Extra gains not favoured

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions by around 2.7K contracts at the beginning of the week, maintaining the choppy activity unchanged. Volume followed suit and shrank by around 168.3K contracts, partially reversing the previous daily build.

WTI meets a tough barrier above $80.00

Prices of the barrel of WTI extended the rebound and reached the key $80.00 mark per barrel on Monday. The continuation of the uptrend was amidst diminishing open interest and volume and suggests that a sustainable move beyond this key resistance area (where coincides February and the so far March highs) is not favoured 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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