Crude Oil Futures: Extra gains in the pipeline

Pablo Piovano FXStreet

CME Group’s advanced readings for crude oil futures markets noted traders added nearly 37K contracts to their open interest positions on Tuesday, the largest build so far this year. Volume followed suit and rose by around 276.8K contracts after two daily drops in a row.

WTI now targets the $85.00 mark

Prices of the barrel of the WTI rose sharply on Tuesday after two straight daily retracements. The moderate recovery came in tandem with increasing open interest and volume, which allows for the continuation of the upside in the very near term. That said, the next target comes at the November’s high at $84.95 (November 10).

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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