Crude Oil Futures: Further upside in the pipeline

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added around 13.6K contract to their open interest positions on Friday, reaching the third consecutive daily build. Volume, instead, dropped by around 134.3K contracts, partially reversing the previous build.

WTI now looks to 2021 highs near $77.00

The rally in crude oil prices remained unchanged on Friday, as the barrel of WTI finally surpassed the key $74.00 mark. Rising open interest coupled with positive price action allows for the continuation of the leg higher and now targets the YTD highs just below the $77.00 mark per barrel (July 6).

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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