Crude Oil Futures: Extra losses appear on the cards

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the third session in a row on Thursday, this time by around 6.3K contracts. Volume, instead, kept the downtrend unchanged and shrank by around 2.7K contracts.

WTI could revisit the 2023 low near $64.00

Prices of the WTI approached the $72.00 mark per barrel on Thursday before ending the session with modest losses below $70.00. the negative price action was accompanied by rising open interest, which is supportive of the view that further decline lies ahead for the commodity in the very near term. That said, the next support of note emerges at the 2023 low near the $64.00 mark (March 20).

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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