Crude Oil Futures: Further decline looks unlikely

Pablo Piovano FXStreet

CME Group’s preliminary readings for crude oil futures markets noted traders scaled back their open interest positions by around 14.7K contracts at the beginning of the week. Volume followed suit and went down for the third session in a row, this time by around 39.2K contracts.

WTI: Door open to a test of $90.00

Prices of the WTI resumed the downside on Monday. The downtick was accompanied by diminishing open interest and volume, hinting at the idea that the continuation of the leg lower could lose some traction in the very near term. That said, the next support of note emerges at the $90.00 neighbourhood per barrel, levels prevailing before the start of the Russian invasion of Ukraine.

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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