Crude Oil Futures: Door open for extra gains

Pablo Piovano FXStreet

Traders increased their open interest positions in Crude Oil futures markets by around 36.7K contracts on Wednesday after two daily pullbacks in a row, noted preliminary figures from CME Group. Volume followed suit and went up markedly by around 459.6K contracts, the largest single day build since April 1.

WTI shifts the focus to the 2021 highs near $68.00

WTI advanced to fresh 4-week peaks on Wednesday amidst rising open interest and volume, opening the door to the continuation of the uptrend in the very near-term at least. Against this, traders now look to a potential visit to the YTD highs in the proximity of the $68.00 mark per barrel.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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