Crude Oil Futures: Rally ready to resume

Pablo Piovano FXStreet

Considering preliminary readings from CME Group for crude oil futures markets, traders added nearly 2K contracts to their open interest positions on Monday, reaching the fourth consecutive daily build. In the same line, volume went up by around 103.3K contracts, partially reversing the previous daily drop.

WTI sets sails to $100.00 and above

Monday’s moderate advance in prices of the barrel of WTI was accompanied by rising open interest and volume, which opens the door to the continuation of the uptrend in the very near term. That said, the next target of note initially comes at the triple-digit barrier seconded by the YTD high at $100.50 (February 24).

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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