Crude Oil Futures: Further decline on the cards

Pablo Piovano FXStreet

CME Group’s flash readings for crude oil futures markets noted traders added nearly 22K contracts to their open interest positions on Monday, extending the choppy activity seen as of late. Volume, instead, shrank for the second session in a row, this time by around 66.6K contracts.

WTI: Next support comes at $80.00

The corrective move in prices of the WTI continued on Monday. Furthermore, the downtick was in tandem with rising open interest, which is supportive of extra losses in the very near term. Against that, the $80.00 mark per barrel should initially hold the downside in the short-term horizon.

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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