Crude Oil Futures: Further losses in the pipeline

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets noted open interest went up by nearly 25.3K contracts on Tuesday, reversing three consecutive daily pullbacks. Volume followed suit and rose markedly by around 351.5K contracts.

WTI likely topped near $65.00

Prices of the WTI edged lower on Tuesday after hitting multi-week highs near the $65.00 mark. The move was amidst rising open interest and volume, indicative that further downside lies ahead. That said, there is strong contention in the $57.50 region for the time being.

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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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Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.