Crude Oil Futures: Scope for extra upside

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the fifth consecutive session on Thursday, now by around 11.1K contracts. On the other hand, volume dropped by nearly 53.1K contracts, reaching the second daily pullback in a row.

WTI on its way to 2021 highs

WTI clinched fresh monthly tops on Thursday against the backdrop of the continuation of the uptrend in open interest. That said, extra advances remain on the table with the immediate target at the YTD peaks around the $68.00 mark per barrel (March 8).

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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