Crude Oil Futures: Further upside on the cards

Pablo Piovano FXStreet

CME Group’s preliminary figures for Crude Oil futures markets noted open interest increased for yet another session on Thursday, now by around 12.5K contracts. Volume followed suit and rose by more than 5K contracts, its fifth build in a row.

WTI now looks to YTD highs near $68.00

Prices of the WTI extended the recovery on Thursday and clinched new monthly peaks beyond the $65.00 mark per barrel. The move was amidst rising open interest and volume, hinting at the idea that further gains look likely in the very near-term. Against that, the next target of note now shifts to the 2021 highs just below $68.00 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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