Crude Oil Futures: Further upside on the cards
|CME Group’s preliminary figures for Crude Oil futures markets noted traders increased their open interest positions by around 30.3K contracts on Tuesday, reaching the largest single-day build since July 14. In the same line, volume went up for the second session in a row, now by more than 259K contracts.
WTI approaches the 200-day SMA
Prices of the West Texas Intermediate surpassed and closed above the $41.00 mark per barrel on Tuesday. The positive performance was accompanied by rising open interest and volume, leaving the door open for extra gains in the near-term. Against this, the initial hurdle emerges at the 200-day SMA, today at $42.73.
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