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- Crude Oil Futures: Upside exhausted?
Crude Oil Futures: Upside exhausted?
Considering flash data from CME Group for crude oil futures markets, open interest dropped by 6K contracts on Tuesday, reversing the previous day’s pullback. Volume, instead, remained choppy and increased by nearly 27K contracts following the uptick seen at the beginning of the week.
WTI faces solid resistance around $90.00
The rally in prices of the WTI could be losing some momentum after Tuesday’s uptick was amidst rising open interest and declining volume. In addition, the commodity navigates the overbought territory, which could also spark a corrective move in the not-so-distant future. In the meantime, the $90.00 zone keeps capping the upside for the time being.
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