Crude Oil Futures: Extra recovery in the pipeline

Pablo Piovano FXStreet

Open interest in crude oil futures markets rose for the fifth consecutive session at the beginning of the week, this time by more than 11K contracts. Volume, in the same direction, reversed two consecutive daily pullbacks and rose by around 167.8K contracts.

WTI initially targets the 200-day SMA ahead of $80.00

WTI prices extended the rebound to the boundaries of the $75.00 mark per barrel on Monday amidst increasing open interest and volume. Against that, further gains remains in store in the very near term with the immediate target at the 200-day SMA at $79.17 ahead of the key $80.00 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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Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.