Crude Oil Futures: Rebound in the offing?

Pablo Piovano FXStreet

Open interest in crude oil futures markets shrank for the second session in a row on Friday, this time by just 692 contracts according to preliminary readings from CME Group. In the same line, volume went down for the second straight session, now by around 208.6K contracts.

WTI retargets the 2023 highs

Prices of WTI dropped for the second session in a row on Friday following Thursday’s YTD peaks. The daily drop came on the back of shrinking open interest and volume and could leave the door open to a near-term rebound with the immediate target on the 2023 top at $94.99 (September 28).

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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