Crude Oil Futures: Further decline not ruled out

Pablo Piovano FXStreet

CME Group’s advanced readings for Crude Oil futures markets noted open interest rose for yet another session on Thursday, this time by around 10.5K contracts. Volume, instead, reversed two builds in a row and shrunk by around 263.3K contracts.

WTI risks a move to $62.20 ahead of further gains

Prices of the WTI closed with losses for the second session in a row on Thursday. The move was on the back of rising open interest, leaving the door open to the continuation of the downtrend in the very near-term to, initially, the 50-day SMA near $62.20.

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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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