Crude Oil Futures: Room for further weakness

Pablo Piovano FXStreet

Considering advanced prints from CME Group for crude oil futures markets, traders added around 2.3K contracts to their open interest positions at the end of last week, reaching the 5^th consecutive daily build. Volume, instead, reversed three daily pullbacks in a row and shrank by around 115.3K contracts.

WTI: Next on the downside comes $82.00

Prices of the WTI retreated modestly on Friday amidst rising open interest, which is supportive of extra decline in the very near term. That said, the area of last week’s lows near the $82.00 mark appears as the initial contention 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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