Crude Oil Futures: Recovery has further legs to go

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added nearly 5K contracts to their open interest positions at the end of last week, keeping the erratic performance unchanged for the time being. Volume, in the same direction, resumed the uptrend and rose by around 241.7K contracts.

WTI keeps targeting $80.00 and above

Prices of the WTI extended the weekly rebound on Friday. The move was in tandem with rising open interest and volume and suggests that further gains look likely in the very near term. The surpass of the key $80.00 mark per barrel should pave the way for a test of the February high at $80.57 (February 13) ahead of the so far 2023 peak at $82.60 (January 23).

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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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