Crude Oil Futures: Extra rebound not favoured

Pablo Piovano FXStreet

Open interest in crude oil futures markets shrank by around 48.5 K contracts on Friday, keeping the erratic performance well in place for yet another session. In the same line, volume dropped by just 571 contracts after three straight daily builds.

WTI could still revisit the $80.00 mark

Prices of WTI attempted a mild bounce at the end of last week following a drop to multi-week lows near $81.00. The downtick was on the back shrinking open interest, which leaves the door open to the continuation of the downward bias in the very near term. Against that, the next support of note emerges at the key $80.00 mark per barrel for the 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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