Crude Oil Futures: Further retracement not ruled out

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added nearly 15K contracts to their open interest positions on Tuesday, extending the prevailing uptrend. Volume, on the other hand, shrank by around 131.3K contracts.

WTI: Downside could retest $67.00

Tuesday’s corrective decline in prices of the barrel of WTI was on the back of increasing open interest, which suggests that further losses could lie ahead for the commodity in the very near term. That said, there is scope for the commodity to revisit the late May low near the $67.00 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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