Crude Oil Futures: Further gains seem unlikely

Pablo Piovano FXStreet

In light of flash data for Crude Oil futures markets from CME Group, traders scaled back their open interest positions for the second session in a row last Friday, now by around 2.6K contracts. In the same line, volume went down for the third straight day, this time by around 137.7K contracts.

WTI looks supported around $57.50

Prices of the WTI advanced moderately on Friday against the backdrop of diminishing open interest and volume, hinting at the idea that extra gains might face headwinds in the very near-term. While the downside is expected to be contained around the $57.50 region, the 20-day SMA around $62.50 emerges as the immediate hurdle for oil bulls.

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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