Crude Oil Futures: Extra gains in the pipeline

Pablo Piovano FXStreet

According to preliminary readings from CME Group for crude oil futures markets, traders added around 18.3K contracts to their open interest positions on Thursday. Volume, instead, shrank for the second session in a row, this time by nearly 96K contracts.

WTI: Next on the upside comes $111.34

Prices of the barrel of WTI extended the weekly recovery on Thursday. The move was in tandem with rising open interest, which leaves the door open to extra gains in the very near term. Against that, the commodity continues to target the May high at $111.34 per barrel (May 5).

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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