Crude Oil Futures: Upside could be losing traction

Pablo Piovano FXStreet

Investors trimmed once again their open interest positions in Crude Oil futures markets on Monday, now by around 4.6K contracts, according to preliminary figures from CME Group. In the same line, volume shrunk for the third session in a row, this time by around 6.8K contracts.

WTI eyes a move to YTD lows

Monday’s uptick in prices of WTI was sustained by short covering, as noted by the backdrop of shrinking open interest and volume. That said, extra gains look somewhat limited in the very near-term, although a move to the YTD highs just below $68.00 is not ruled out for the time being.

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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