Crude Oil Futures: Upside appears limited

Pablo Piovano FXStreet

Open interest in crude oil futures markets shrank for the second straight session on Tuesday, now by around 15.8K contracts according to preliminary readings from CME Group. On the other hand, volume added to the previous daily build and rose by around 128.4K contracts.

WTI: Gains capped by the 200-day SMA

WTI prices rose markedly on Tuesday amidst decreasing open interest. That said, the likelihood of further gains appear diminished while the key 200-day SMA around the $77.00 mark per barrel emerges a quite a solid hurdle for the time being. This area also coincides with the July peaks.

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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