Crude Oil Futures: Extra gains likely in the short-term

Pablo Piovano FXStreet

CME Group’s preliminary readings for Crude Oil futures markets noted open interest rose for the second straight session on Thursday, now by around 8.3K contracts. In the same line, volume went up markedly by around 515.5K contracts.

WTI now focused on $62.00 and above

Prices of the WTI rebounded to 2-day highs on Thursday, regaining the area above the $61.00 mark per barrel. The move higher was in tandem with rising open interest and volume, hinting at the likeliness that further gains are now on the cards with the immediate target at weekly highs around $62.20 in the very near-term.

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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