Crude Oil Futures: Recovery has further legs to go

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets note traders added around 21K contracts to their open interest positions, resuming the uptrend following Wednesday’s pullback. Volume, on the other hand, set aside two daily builds in a row and shrank by around 32.8K contracts.

WTI: Next on the upside emerges $80.00

WTI prices rebounded further on Wednesday and flirted with the key 200-day SMA around the $78.00 region. The uptick was on the back of increasing open interest, which appears supportive of the continuation of the uptrend in the very near term. Against that backdrop, prices of WTI faces the next up-barrier at the key $80.00 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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