Crude Oil Futures: Rally looks unabated… for now

Crude Oil Futures: Rally looks unabated… for now

CME Group’s advanced figures for crude oil futures markets noted traders increased their open interest positions by around 17.2K contracts, reaching the fifth consecutive build on Thursday. Volume, instead, shrunk for the second straight session, now by almost 210K contracts.

WTI keeps targeting $60.00 per barrel

The rally in crude oil prices remains well and sound, lifting the barrel of the WTI past the $56.00 mark per barrel, levels last seen over a year ago. Rising open interest amidst positive price action is indicative that the current uptrend still has further legs to go and faces the next key hurdle at the $60.00 mark per barrel in the short-term horizon.

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Credit: FX Street

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