Crude Oil Futures: Look neutral near-term

Pablo Piovano FXStreet

Open interest in Crude Oil futures markets rose by more than 5K contracts on Monday according to preliminary readings from CME Group. Volume followed suit and went up for the second session in a row, this time by around 34.8K contracts.

WTI faces some consolidation very near-term

Prices of the WTI charted an inconclusive session on Monday amidst rising open interest and volume. That said, extra rangebound looks likely in the very near-term, while a surpass of recent peaks near the $65.00 mark per barrel (May 5) could allow for the continuation of the uptrend.

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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