Crude Oil Futures: Further gains not ruled out near term

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets note traders increased their open interest positions by around 6.6K contracts at the beginning of the week. On the other hand, volume went down for the second session in a row, this time by around 148K contracts.

WTI: Immediate hurdle comes at $72.00

WTI prices started the week on a positive mood, although a convincing breakout of the $70.00 mark per barrel remained elusive. The uptick was accompanied by rising open interest, which suggests the likelihood of a near-term bounce. Next on the upside for the commodity emerges the recent weekly tops beyond the $72.00 yardstick.

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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