Crude Oil Futures: Some consolidation emerges on the cards

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders reduced further their open interest positions on Tuesday, this time by around 6.7K contracts. On the other hand, volume went up by around 57.4K contracts after three consecutive daily pullbacks.

WTI remains supported around $75.00

WTI prices charted an inconclusive session on Tuesday. The vacillating price action was on the back of shrinking open interest and a decent increase in volume. Against that, crude oil prices could maintain some consolidation below the $80.00 mark per barrel in the very near term.

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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