Crude Oil Futures: Further upside seems likely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted open interest rose by nearly 6K contracts on Thursday. Volume followed suit and rose for the third session in a row, this time by around 11.5K contracts.

WTI: Further upside above the 200-day SMA

Prices of the barrel of the WTI extended the weekly recovery on Thursday. The uptick was on the back of rising open interest and volume and leaves the door open to further upside in the near term. If the commodity clears the 200-day SMA, today at $95.45, it could allow for extra uptrend to, initially the $100.00 mark 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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