Crude Oil Futures: Room for further decline

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted open interest went down for the sixth session in a row on Friday, this time by nearly 16K contracts. On the other hand, volume increased by around 87.5K contracts, partially reversing the previous pullback.

WTI could slip back to sub-89.00 levels

Friday’s small downtick in prices of the WTI was on the back of shrinking open interest, allowing for the re-emergence of some weakness in the very near term. Against this, further correction could drag prices to, initially, the $88.80 region, where recent lows and a Fibo level (of the December-February rally) coincide.

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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