Crude Oil Futures: Further recovery looks likely

Pablo Piovano FXStreet

Considering advanced prints from CME Group for crude oil futures markets, open interest rose by around 19.5K contracts after three consecutive daily pullbacks on Tuesday. Volume followed suit and went up by nearly 20K contracts, reversing at the same time three straight daily drops.

WTI: Next target emerges near $95.00

Prices of WTI charted decent gains on Tuesday following many sessions of losses. The daily uptick was accompanied by increasing open interest and volume and leaves the door open to the continuation of the recovery in the very near term. On the upside, the commodity continues to target the 2023 high around the $95.00 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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