Crude Oil Futures: Look consolidative near-term

Pablo Piovano FXStreet

According to flash data from CME Group for Crude Oil futures markets, open interest rose by around 18.7K contracts on Wednesday. Volume followed suit and went up for the fourth consecutive session, now by around 105.8K contracts.

WTI targets the monthly peaks around $66.70

Prices of the WTI edged higher in the first half of the week. Wednesday’s inconclusive session was amidst rising open interest and volume, exposing some consolidation in the very near-term. So far, bullish attempts are expected to keep targeting the April’s top around $66.70 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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