Crude Oil Futures: Scope for further decline

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets noted traders trimmed their open interest positions for the second session in a row on Tuesday, this time by around 15.7K contracts. Volume, instead, rose for the second straight session, now by more than 21K contracts.

WTI could retest the $63.00 area

Prices of the WTI extended the downside momentum on Tuesday amidst rising open interest. That said, extra pullbacks remain on the cards and could re-visit the $63.00 area in the very near-term, or last week’s lows.

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.

GBP/USD loses momentum, flirts with 1.3200

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