Crude Oil Futures: Further downside looks unlikely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets showed investors trimmed their open interest positions by around 3.4K contracts at the beginning of the week, adding to the previous daily drop. Volume, instead, increased for the fourth session in a row, now by around 160.2K contracts.

WTI: Next support comes at $100.30

Prices of the barrel of WTI dropped sharply on Monday against the backdrop of shrinking open interest. That said, extra losses appear out of favour in the very near term, while prices of the commodity remain well supported by the so far May low near the $100.00 mark per barrel.

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.

EUR/USD looks vacillating around 1.1800

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GBP/USD slips back to daily lows near 1.3450

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Gold flirts with four-week highs past $5,200

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Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

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