Crude Oil Futures: Further downside not ruled out

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted open interest rose for the second session in a row on Thursday, this time by around 29.2K contracts. Volume followed suit and dropped for the second straight session, now by nearly 231K contracts.

WTI meets strong resistance at $54.00

The upside momentum in prices of the WTI faltered in the $54.00 neighbourhood once again. Thursday’s doji-like session was on the back of rising open interest, leaving the door open for some rangebound theme in the very near-term while resistance is still seen around the $54.00 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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