Home Crude Oil Futures: Extra downside appears shallow
FXStreet News

Crude Oil Futures: Extra downside appears shallow

CME Group’s flash data for Crude Oil futures markets noted open interest shrunk for the second session in a row on Friday, this time by nearly 7K contracts. In the same direction, volume went down for the third session in a row, now by around 292.2K contracts.

WTI: Upside still faces resistance around $41.50

Prices of the WTI trades within a mild downtrend so far. However, Friday’s inconclusive performance was amidst shrinking open interest and volume, supporting the idea of shallow pullbacks and leaving a potential rebound in the pipeline. That said, the $41.50 level still emerges as a key barrier for oil bulls.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.