Crude Oil Futures: Rebound could run out of steam

Pablo Piovano FXStreet

Considering advanced figures from CME Group for crude oil futures markets, open interest went up for the second session in a row on Thursday, now by just 234 contracts. On the other hand, volume dropped markedly by nearly 170K contracts after two consecutive daily builds.

WTI faces the next up-barrier above $80.00

Prices of the WTI kept the bid bias unchanged and advanced modestly on Thursday. The daily uptick was on the back of a small increase in open interest, whereas volume retreated sharply, hinting at the idea that the ongoing rebound could lose some impulse in the very near term. In the meantime, the next target of note emerges at the February high near $80.60 (February 13).

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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