Crude Oil Futures: Further gains not ruled out

Pablo Piovano FXStreet

According to preliminary readings of crude oil futures markets from CME Group, open interest and volume rose by around 4.6K contracts and by nearly 45.1K contracts, respectively, on Thursday.

WTI still looks capped by $35.00/bbl

Prices of the WTI are expected to keep the consolidative mood at least in the very near term. Further bullish attempts are not ruled out, however, following the recent positive price action amidst rising open interest and volume. In this regard, the key $35.00 mark per barrel still acts as a very strong resistance.

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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