Crude Oil Futures: Look consolidative/bearish very near-term

Pablo Piovano FXStreet

Open interest in Crude Oil futures markets shrunk by around 18.2K contracts on Thursday according to advanced prints from CME Group. In the same line, volume reversed two consecutive daily builds and dropped by around 40.3K contracts.

WTI: Extra rangebound likely

Prices of the WTI charted small gains amidst the broader consolidation theme on Thursday, all against the backdrop of diminishing open interest and volume. That said, the continuation of the current side-lined mood is expected to extend further in the very near-term, with the $57.50 area holding the downside for the time being.

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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