Crude Oil Futures: Open Interest and Technical Analysis

2 may 2023

Preliminary data from CME Group indicates that open interest in crude oil futures markets increased for the fourth consecutive session on Monday, registering a gain of approximately 4.3K contracts. Conversely, trading volume decreased for the third consecutive session, declining by roughly 260.5K contracts.

Technical analysis indicates that the crude oil price has retraced to the 50% Fibonacci level in combination with the previous resistance area, suggesting the possibility of another bearish leg (AB=CD pattern) with a target of approximately 662 or lower.

Alternatively, the next significant resistance level for the crude oil price could be around $80.00.

Given the rising open interest, the daily uptick in price is likely to continue the recovery in the near term. The key target to watch for is the $80.00 per barrel mark.