Crude Oil Futures: Further weakness on the cards

Pablo Piovano FXStreet

Considering advanced prints from CME Group for crude oil futures markets, open interest increased by nearly 11K contracts after three consecutive daily pullbacks. On the other hand, volume left behind two daily builds in a row and went down by around nearly 184K contracts.

WTI: Immediate support remains around $82.00

WTI prices edged lower on Thursday amidst increasing open interest, which is indicative that further retracements should not be ruled out for the time being. Against that backdrop, extra losses in the commodity are expected to meet initial support around the monthly lows near $81.50 (October 6).

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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