Crude Oil Futures: Probable rebound near term

Pablo Piovano FXStreet

Open interest in crude oil futures markets shrank for yet another session on Thursday, this time by more than 29K contract considering advanced prints from CME Group. Volume, instead, increased for the second session in a row, now by around 146.7K contracts.

WTI faces the next support around $60.00

Crude oil prices extended the leg lower on Thursday, managing to briefly test the $62.60 area before rebounding and closing above the $63.00 yardstick. The move was amidst shrinking open interest, which keeps pointing to a bounce in the very near term. Supporting this view emerges the current oversold conditions of the commodity. In the meantime, the critical 200-day SMA above the $60.00 mark per barrel still emerges as the next support of significance for the WTI.

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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