Crude Oil Futures: Door open to extra upside

Pablo Piovano FXStreet

Considering advanced prints from CME Group for crude oil futures markets, open interest increased for the third session in a row on Wednesday, now by nearly 18K contracts. Volume followed suit and added around 158.3K contracts to the previous daily build.

WTI: Interim hurdle now lies at the 100-day SMA

Prices of WTI extended the multi-session advance past the $74.00 mark per barrel on Wednesday. The uptick was on the back of rising open interest and volume and exposes the continuation of the rebound in the very near term. Against that, the next hurdle comes at the provisional 100-day SMA near $76.00 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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