Crude Oil Futures: Room for extra retracements

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added around 13.6K contracts to their open interest positions on Thursday, reaching the third consecutive daily build. On the other hand, volume shrank for the second straight day, this time by around 445.3K contracts.

WTI could challenge monthly lows near $67.00

WTI prices dropped sharply on Thursday, breaking below the key $70.00 mark per barrel with marked decision. The downtick was on the back of increasing open interest and could allow for further losses to dispute the June low near the $67.00 mark per barrel.

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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