Crude Oil Futures: There is room for further decline

Pablo Piovano FXStreet

Considering advanced prints from CME Group for crude oil futures markets, open interest reversed two consecutive daily pullbacks and increased by around 27.6K contracts on Tuesday. On the other hand, volume dropped for the third straight session, this time by nearly 95K contracts.

WTI: Another test of the October low remains on the cards

Prices of WTI retreated modestly on Tuesday amidst rising open interest, which leaves the door open to further decline in the very near term. Against this, prices of the commodity could still slip back to the so far monthly lows around $81.50 (October 6).

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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