Crude Oil Futures: Further downside not favoured

Pablo Piovano FXStreet

Open interest in crude oil futures markets resumed the downtrend and shrank by around 4.1K contracts on Wednesday according to preliminary readings from CME Group. Volume, instead, went up by around 92.1K contracts after two consecutive daily pullbacks.

WTI remains capped by $85.00

WTI prices extended the weekly corrective decline on Wednesday amidst shrinking open interest. Against that, the likelihood of a sustained drop now looks diminished, while the area of YTD peaks near the $85.00 mark per barrel continues to cap occasional bullish attempts in the commodity.

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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