Crude Oil Futures: Further upside on the cards

Pablo Piovano FXStreet

CME Group’s preliminary figures for Crude Oil futures markets noted traders increased their open interest positions by around 30.3K contracts on Tuesday, reaching the largest single-day build since July 14. In the same line, volume went up for the second session in a row, now by more than 259K contracts.

WTI approaches the 200-day SMA

Prices of the West Texas Intermediate surpassed and closed above the $41.00 mark per barrel on Tuesday. The positive performance was accompanied by rising open interest and volume, leaving the door open for extra gains in the near-term. Against this, the initial hurdle emerges at the 200-day SMA, today at $42.73.

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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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