Crude Oil Futures: Scope for some recovery
|Considering flash data from CME Group for crude oil futures markets, traders added around 14.8K contracts to their open interest positions on Tuesday, resuming the uptrend after Monday’s daily drop. In the same direction, volume increased by around 174.2K contracts and partially reversed the previous day’s pullback.
WTI stays focused on $70.00
Prices of the WTI bottomed out near $64.50 and rebounded afterwards to close near the $67.00 mark on Tuesday. This price action was accompanied by rising open interest and volume, which opens the door to further recovery in the very near term. That said, the next target of note remains at the key $70.00 mark per barrel, which also coincides with the 200-day SMA.
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