Crude Oil Prices: Extra decline appears not favoured

Pablo Piovano FXStreet

CME Group’s preliminary readings for crude oil futures markets noted traders trimmed their open interest positions by just 227 contracts on Friday, clinching the second straight drop so far. Volume, instead, extended the choppy activity and went up by around 12.2K contracts.

WTI looks supported around $75.00

Friday’s negative price action in prices of the WTI was amidst shrinking open interest, suggesting that a deeper pullback remains out of favour for the time being. That said, decent support emerges around the $75.00 mark per barrel for the time being, while the immediate hurdle is located in the mid-$77.00s.

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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