Crude Oil Futures: Further downside stays on the cards

Pablo Piovano FXStreet

CME Group’s flash readings for crude oil futures markets noted open interest increased for the fourth consecutive session on Wednesday, now by 40.3K contracts. Volume, instead, shrunk by around 41.3K contracts, reaching the second drop in a row.

WTI looks capped by $43.00/bbl

Prices of the barrel of WTI corrects lower following Wednesday’s multi-week tops around the $43.00 mark per barrel. Rising open interest coupled with negative price actions opens the door to extra losses in the very near-term.

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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