Crude Oil Futures: No change in the consolidative theme

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets saw traders adding around 20.4K contracts to their open interest positions on Thursday, while volume reversed two builds in a row and went down by nearly 157.6K contracts.

WTI still remains capped by $44.00/bbl

Prices of the West Texas Intermediate are forecasted to extend the multi-week side-line theme at least in the short-term horizon. This view is supported by inconclusive performance in both open interest and volume, while the key barrier at the $44.00 mark per barrel keeps limiting the upside 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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