Crude Oil Futures: Upside momentum unabated

Pablo Piovano FXStreet

CME Group’s preliminary readings for crude oil future markets noted traders partially reversed Friday’s pullback and rose by around 5.6K contracts at the beginning of the week. Volume, instead, went up sharply by around 472.1K contracts after two daily builds in a row.

WTI on its way to $65.00 and above

The rally in crude oil prices remains well and sound and manages to record new 2021 highs beyond $62.00 on Tuesday. Monday’s strong advance in WTI was accompanied by rising opening interest, leaving the door open to extra upside with the immediate target at the 2020 high in the $65.60 area 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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