Crude Oil Futures: Recovery has further legs to go

Pablo Piovano FXStreet

CME Group’s advanced figures for crude oil futures markets noted open interest went up for the second straight session on Thursday, now by around 35.2K contracts. On the other hand, volume shrank for the third session in a row, this time by around 137.5K contracts.

WTI still targets the $75.00 mark

Prices of the WTI extended the rebound from recent lows in the vicinity of the $65.00 region on Thursday. The move was amidst the continuation of the uptrend in open interest while volume kept shrinking. That said, further upside is not ruled out, although some consolidation might kick in before. Against that, the next target of note remains at last week’s peaks around the $75.00 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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