Crude Oil Futures: Further rangebound on the cards

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets saw open interest shrinking for the sixth consecutive session at the beginning of the week, now by around 14.7K contracts. In the same line, volume receded for the second straight session, now by around 705K contracts.

WTI does not rule out a move below $60.00

Prices of the WTI charted an inconclusive session Monday amidst diminishing open interest and volume. That said, while further consolidation remains on the cards for the time being, another leg lower should not be ruled out either. That said, recent lows near the $58.00 mark per barrel emerge as the next contention area.

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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