Crude Oil Futures: Rally could take a breather

Pablo Piovano FXStreet

Open interest in crude oil futures markets shrank by around 41.2K on Wednesday, setting aside the previous daily build according to preliminary readings from CME Group. Volume followed suit and dropped by around 77.5K contracts after three consecutive daily builds.

WTI: Immediate resistance comes at $90.00

WTI prices extended their rally even further on Wednesday. This move, however, was amidst shrinking open interest and volume and could be suggestive that a pause in the strong uptrend could be brewing in the very near term. In the meantime, the key $90.00 region per barrel emerges as the next obstacle for bulls.

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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