Crude Oil Futures: Further rebound could lose traction

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders resumed the downtrend in their open interest positions on Thursday, this time following a drop of around 11.7K contracts. Volume, on the other hand, went up for the second session in a row, now by around 50.3K contracts.

WTI: A drop to the $72.00 region should not be ruled out

Thursday’s marked rebound in prices of the barrel of the WTI was accompanied by declining open interest, which is indicative that a more sustainable recovery seems not favoured for the time being. The next target on the downside, in the meantime, emerges at the 2023 low at $72.30.

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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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