Crude Oil Futures: Further upside on the cards

Pablo Piovano FXStreet

CME Group’s preliminary readings for crude oil futures markets noted open interest went up for the fifth consecutive session on Friday, this time by around 10.7K contracts. On the other hand, volume shrunk for the second session in a row, now by around 408.8K contracts.

WTI now re-targets $46.00 and beyond

Friday’s positive price action in the WTI met support in the $44.50 area. The move was amidst rising open interest and leaves the door open for the continuation of the uptrend, at least in the very near-term.

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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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