Crude Oil Futures: Further upside (still) on the cards

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets noted open interest extended the choppy activity and rose by around 10.8K contracts on Friday. Volume, instead, reversed four consecutive daily builds and posted the largest-single day drop since February 22 at nearly 378K contracts.

WTI now targets $70.00 per barrel

The rally in crude oil prices remains unabated so far. Friday’s uptick was amidst rising open interest, supporting the idea that extra gains are likely in the very near-term. However, the overbought conditions (as per the daily RSI) might prompt a corrective downside in the very near-term. On the upside, the next hurdle of note emerges at the $70.00 mark per barrel of WTI.

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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