Crude Oil Futures: Correction lower in the offing?

Pablo Piovano FXStreet

In light of advanced figures from CME Group for crude oil futures markets, open interest went up for the second session in a row on Wednesday, this time by around 5.2K contracts. In the same direction, volume edged higher by around 59.2K contracts following two consecutive daily pullbacks.

WTI faces initial hurdle at $54.45

The barrel of WTI reached fresh yearly tops just below the $54.00 mark on Wednesday before closing the session in the red territory. The move was in tandem with rising open interest and volume, which should be supportive of a corrective move in the very near-term. This view is reinforced by the current overbought levels in the commodity (gauged by the daily RSI). The rsumption of the upside is seen targeting the February 2020 high near $54.50 per ounce.

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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