Crude Oil Futures: Still scope for further upside but…
|CME Group’s preliminary readings for crude oil futures markets noted open interest rose for the second session in a row on Thursday, now by around 9.6K contracts. Volume, instead, went down for the third consecutive session, this time by around 216.6K contracts.
WTI: A correction is overdue
WTI prices navigate the overbought territory so far. Thursday’s uptick was once again amidst rising open interest, allowing for the continuation of the uptrend in the very near term. That said, the WTI keeps targeting the $75.00 mark per barrel, although current overbought conditions plus an apparent bearish divergence in the daily RSI should trigger some corrective downside soon.
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