Crude Oil Futures: Extra rangebound on the table

Pablo Piovano FXStreet

CME Group’s preliminary readings for crude oil futures markets noted open interest and volume went down by around 1.3K contracts and by around 66.5K contracts, respectively, at the end of last week.

WTI risks a move to $37.50/bbl

Prices of the WTI add to Friday’s losses amidst diminishing open interest and volume, leaving the prospects of further downside somewhat curtailed and with the next support at the 200-day SMA near $37.50 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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