Crude Oil Futures: Further losses in the pipeline

Pablo Piovano FXStreet

CME Group’s advanced prints for crude oil futures markets showed open interest extended the uptrend for yet another session on Tuesday, now by around 4.5K contracts. Volume, instead, prolonged the erratic activity and went down by around 39.7K contracts.

WTI faces initial contention near $73.00

Prices of the West Texas Intermediate corrected lower after flirting with new 2021 highs well past the $76.00 mark on Tuesday. The daily retracement was accompanied by increasing open interest, allowing for further losses in the very near term. Sellers, in the meantime, area expected to meet the next contention around $73.10 (high September 15).

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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