Crude Oil Futures: Extra upside favoured near term

Pablo Piovano FXStreet

Open interest in crude oil futures markets resumed the uptrend on Thursday and went up by around 29.1K contracts. In the same line, volume increased for the third straight session, now by around 367.3K contracts.

WTI targets the 2023 high near $85.00

WTI prices extended the multi-session rally on Thursday and closed above the $83.00 mark per barrel, or three-week tops. The uptick was on the back of increasing open interest and volume and paves the way for the continuation of the current trend to, initially, the YTD peak at $84.85 (August 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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