Crude Oil Futures: Still scope for further correction

Pablo Piovano FXStreet

CME Group’s preliminary readings for crude oil futures markets noted traders added around 8.4K contracts to their open interest positions on Tuesday, recording the fifth consecutive daily build. Volume, instead, partially reversed the previous build and dropped by nearly 164K contracts.

WTI could retest the $86.78 level

Prices of the WTI added to the bearish mood seen at the beginning of the week on Tuesday. The corrective downside was in tandem with rising open interest, opening the door to potential further decline in the very near term. That said, the so far monthly low at $86.78 (February 3) emerges as the next magnet for oil bears. The sharp drop in volume, in the meantime, could spark some bouts of consolidation at the same time.

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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