Crude Oil Futures: Further consolidation looks likely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added around 4.2K contracts to their open interest positions on Wednesday. Volume, instead, extended the choppy activity and went down by more than 537K contracts, the largest single-day drop since July 2.

WTI still targets the $80.00 mark

Crude oil prices charted an inconclusive session midweek amidst rising open interest and a marked drop in volume. Against this, it appears that extra range bound remains on the table for WTI in the very near term, with intermittent bullish attempts still targeting the key $80.00 mark 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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