Crude Oil Futures: Room for further recovery

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets noted traders added nearly 4.4K contracts to their open interest positions on Thursday. On the opposite side, volume extended the downtrend for the sixth consecutive session, this time dropping by around 49.3K contracts.

WTI could re-test the $59.00 mark and above

Prices of the barrel of WTI remain in a recovery-mode so far this week. Thursday’s positive price action amidst rising open interest allows for a probable move to the $59.00 mark and above, where is located the 55-day SMA. However, the persistent drop in volume could spark some consolidation in the short-term horizon, or even a resumption of the downside.

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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