Crude Oil Futures: Further upside not ruled out
|CME Group’s flash data for crude oil futures markets noted traders added around 18.2K contracts to their open interest positions no Wednesday, the second session in a row. On the other hand, volume shrank for the second straight session, this time by around 321.4K contracts.
WTI still looks to YTD highs above $82.00
Crude oil prices charted a doji-style session on Wednesday amidst rising open interest. While the commodity could enter into some consolidation phase in the very near term, further bouts of strength remain in the pipeline with WTI targeting the recent 2021 high at $82.15 (October 11).
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