Crude Oil Futures: Rally looks exhausted

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 19.5K contracts on Monday after six daily advances in a row. On the other hand, volume rose for the second consecutive day, this time by nearly 48K contracts.

WTI faces decent resistance around $88.00

WTI prices charted an inconclusive session following a move to new 2023 tops just past the $88.00 mark per barrel on Monday. The marginal uptick, however, was amidst shrinking open interest, which is indicative that extra advances might not be favoured for the time being. In the meantime, the $88.00 region emerges as a firm hurdle for bulls 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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