Crude Oil Futures: Rally has further legs to go

Pablo Piovano FXStreet

CME Group’s preliminary figures for crude oil futures markets noted traders added around 4.2K contracts to their open interest positions on Wednesday, reversing at the same time two consecutive daily drops. Volume, instead, shrank for the second straight session, now by around 90.8K contracts.

WTI looks for a breakout of $84.00

Wednesday’s decent gains in prices of the WTI were against the backdrop of increasing open interest, which is indicative that further gains remain on the cards. Against that, the rally in crude oil is unlikely to subside for the time being and immediately targets the $84.00 mark and above.

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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