Crude Oil Futures: Rally remains unabated
|Open interest in crude oil futures markets rose by around 2.4K contracts on Wednesday after seven consecutive daily pullbacks according to preliminary figures from CME Group. On the other hand, volume retreated sharply by around 620K contracts, the largest daily drop since June 14 2021.
WTI: Green light for a move to $100.00/bbl
Wednesday’s small uptick in prices of the barrel of WTI was in tandem with rising open interest and volume, opening the door to further gains in the very near term and with the immediate target at the psychological $100.00 mark, an area last visited in July 2014.
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.