Crude Oil Futures: Scope for extra gains

Pablo Piovano FXStreet

Traders scaled back their open interest positions by around 3.6K contracts for the first time since April 23 at the end of last week, noted flash data from CME Group. On the opposite direction, volume rose by around 134.6K contracts, partially reversing the previous drop.

WTI now looks to YTD highs near $68.00

Prices of the WTI charted an inconclusive session on Friday following two daily pullbacks. The move was amidst shrinking open interest, opening the door to a potential resumption of the upside in the very near-term. That said, crude oil prices now target the so far 2020 peaks just below the $68.00 mark per barrel in the very near-term (March 8).

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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.

EUR/USD looks sidelined around 1.1850

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GBP/USD flirts with daily lows near 1.3630

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Bitcoin consolidates as on-chain data show mixed signals

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The week ahead: Key inflation readings and why the AI trade could be overdone

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XRP steadies in narrow range as fund inflows, futures interest rise

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