Crude Oil Futures: Further upside on the cards

Pablo Piovano FXStreet

Open interest in crude oil futures markets extended the uptrend in place since the beginning of the new year on Wednesday, this time by around 22.6K contracts as per flash data from CME Group. Volume followed suit and increased by around 46.7K contracts, reaching the second straight daily build.

WTI flirts with overbought levels

Prices of the barrel of the WTI rose further on Wednesday and consolidated the breakout of the key $80.00 mark. The daily uptick was amidst increasing open interest and volume, opening the door to the continuation of the leg higher although not without some caution, as the commodity gradually approaches the overbought territory, as per the daily RSI neat the 70.0 yardstick.

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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