Crude Oil Futures: Upside seen limited

Pablo Piovano FXStreet

Open interest in Crude Oil futures shrunk by nearly 17K contracts on Thursday, reaching the third drop in a row according to flash data from CME Group. Volume, too, decreased by nearly 52K contracts, resuming the downside following the previous build.

WTI stays capped by $52.00/bbl in the near-term

Shrinking open interest and volume coupled with the failed attempt to surpass the $52.00 mark on Thursday leave further room for a correction lower in WTI in the short-term horizon, adding to the probability that the commodity could have carved a near-term top 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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