Crude Oil Futures: Room for extra downside

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions by around 2.5K contracts on Friday. Volume followed suit and went down markedly for the second session in a row, this time by around 356.4K contracts.

WTI: Initial support comes around $100.00

Friday’s gains in prices of the WTI was on the back of short covering, as noted by shrinking open interest and volume. Against that, crude oil prices could slip back to the $100.00 zone (February 24 highs) in the short-term horizon ahead of the monthly low in the proximity of $95.00 (March 1).

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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