Crude Oil Futures: Further retracement looks shallow

Pablo Piovano FXStreet

Investors trimmed their open interest positions by around 6.1K contracts on Thursday, reversing at the same time three consecutive daily pullbacks in light of flash data from CME Group. Volume, too, extended the downside and receded by around 38.6K contracts.

WTI stays limited by $41.50

Prices of the barrel of WTI keep the side-lined theme around the $40.00 mark. Thursday’s drop and rebound from the $39.20 region was in tandem with shrinking open interest and volume, leaving the prospects of further pullbacks somewhat contained in the short-term horizon. There is no change on the upside, where the target remains at the $41.50 zone.

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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