Crude Oil Futures: Some consolidation not ruled out

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 5.8K contracts on Thursday following three daily drops in a row. Volume followed suit and dropped for the second straight session, now by around 133.8K.

WTI could attempt some consolidation ahead of $90.00

Crude oil prices charted an inconclusive session on Thursday in tandem with diminishing open interest and volume. That said, there seems to be room for some side-lined trading in WTI ahead of a potential move to the $90.00 mark per barrel in the not-so-distant future.

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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