Crude Oil Futures: Further weakness not favoured

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions for the third session in a row on Friday, this time by around 9.5K contracts. In the same line, volume went up for the second straight session, now by around 223.6K contracts.

WTI: Next on the upside comes $74.00

Prices of the barrel of the WTI dropped for the third session in a row at the end of last week. The downtick, however, was on the back of declining open interest and volume and is suggestive that further retracements appear out of table in the very near term. Occasional bullish attempts should face initial hurdle at the weekly high of $73.83 (May 10).

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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