Crude Oil Futures: Further recovery appears likely
|CME Group’s flash data for crude oil futures markets noted traders extended the uptrend in open interest and added around 15.6K contracts on Tuesday. Volume followed suit and went up by around 11.2K contracts, partially reversing the previous drop.
WTI remains focused on $82.60
Prices of the WTI charted a decent advance on Tuesday, coming back after dropping to 3-week lows near $76.60. The rebound was amidst increasing open interest and volume and is supportive of the continuation of the bounce at least in the very near term. Next on the upside for the commodity comes the YTD top at $82.60 per barrel (January 23).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.