Crude Oil Futures: Further cautiousness on the cards

Pablo Piovano FXStreet

In light of advanced data for crude oil futures markets from CME Group, traders scaled back their open interest positions for the third session in a row on Tuesday, now by around 17.2K contracts. On the opposite side, volume went up for the second consecutive session, this time by around 47.3K contracts.

WTI stays capped by $40.00/bbl

Prices of the WTI are gradually edging higher amidst shrinking open interest and rising volume. That said, further consolidation thus remains likely in the very near-term, with a clear resistance at the $40.00 mark per barrel so far.

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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