Crude Oil Futures: Further losses look likely

Pablo Piovano FXStreet

CME Group’s preliminary data for Crude Oil futures markets showed traders increased their open interest positions for the third straight session on Thursday, this time by around 4.2K contracts. On the opposite side, volume reversed three builds in a row and shrunk sharply by around 372.2K contracts.

WTI remains capped by $44.00 so far

The barrel of WTI appears to have run into some resistance in the $42.50/$43.00 band, where sits the 200-day SMA. Rising open interest amidst declining prices favours extra downside in the short-term horizon, with initial support at the 55-day SMA just above the $39.00 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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