Crude Oil Futures: Upside seems limited

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets noted open interest shrunk for the second session in a row on Tuesday, this time by around 13.7K contracts. Volume followed suit and went down by around 44.5K contracts, reaching the fourth consecutive daily pullback.

WTI poised to extend the choppy trade

Prices of the barrel of WTI surpassed the key $60.00 mark amidst shrinking open interest and volume on Tuesday. This suggests that extra gains look limited and thus favour the continuation of the consolidative mood at least in the very near-term. The $57.50 area remains a strong contention area 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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