Crude Oil Futures: Further upside seems contained

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 54.2K contracts on Friday. Volume, instead. Increased for the third session in a row, this time by around 13.5K contracts.

WTI: Bulls keep targeting $116.60

Prices of the WTI extended the weekly recovery on Friday. The move, however, was amidst shrinking open interest and leaves the prospects for further uptrend somewhat curtailed. The commodity, in the meantime, continues to aim at another test of the late March high at $116.60 (March 24).

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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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