Crude Oil Futures: Look neutral/bullish near-term
|CME Group’s flash data for crude oil futures markets noted open interest increased for the fifth consecutive session on Tuesday, this time by around 18.5K contracts. In the same line, volume rose sharply by around 586.7K contracts, the largest single-day advance since November 9.
WTI faces the next hurdle at $65.00
Prices of the WTI traded without a clear direction on Tuesday amidst rising open interest and volume. That said, further consolidation is likely in the very near-term, although the still overbought condition could motivate a knee-jerk before the resumption of the uptrend with the next target at the 2020 highs beyond the $65.00 mark per barrel.
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