Crude Oil Futures: Further losses on the cards

Pablo Piovano FXStreet

CME Group’s advanced prints for Crude Oil futures markets noted traders scaled back their open interest positions for the fifth consecutive session on Friday, this time by around 64.6K contracts. In the same line, volume reversed fourth builds in a row and went down by around 211.7K contracts.

WTI risks a move to $54.00

Prices of the WTI managed to regain some ground on Friday following Thursday sharp sell-off. The move, however, was amidst shrinking open interest and volume, allowing for the continuation of the corrective downside at least in the very near-term. That said, the next support now emerges around the January peaks near $54.00 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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