Crude Oil Futures: Further upside seems not favoured

Pablo Piovano FXStreet

CME Group’s advanced prints for Crude Oil futures markets noted open interest dropped for the second session in a row on Thursday, this time by around 10.5K contracts. Volume followed suit and went down markedly for the second consecutive day, now by around 195.6K contracts.

WTI: Gains appear limited around $64.00

Thursday’s positive price action in WTI came amidst declining open interest and volume, hinting at some loss off upside momentum in the commodity, at least in the very near-term. On the upside, occasional bullish attempts in WTI are expected to struggle around the $64.00 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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