Pablo Piovano | Crude Oil Futures: Room for Additional Gains

CME Group’s flash data for crude oil futures markets found traders increased their open positions for a second consecutive day on Thursday, this time by about 12.5k contracts. On the other hand, volume contracted for the fourth consecutive session, now by more than 124,000 contracts.

WTI: Gains appear to be capped at $75.00 so far

Marked increase in prices on Thursday STI was on the back of increasing open interest, leaving the door open for this movement to continue, at least in the short term. So far, the $75.00 per barrel area is proving to be the immediate hurdle for the commodity.

More from this author:

EUR/USD price analysis: further gains above 1.0930 favored
Natural gas futures: Some consolidation is emerging in the near term
EUR/USD comes under pressure near 1.0850

Disclosure: Information about this article contains forward-looking statements that involve risks and uncertainties. The markets and instruments profiled on this page are for informational purposes…

more

Disclosure: Information about this article contains forward-looking statements that involve risks and uncertainties. The markets and instruments profiled on this page are for informational purposes only and should in no way be construed as a recommendation to buy or sell these assets. You should conduct your own thorough research before making any investment decisions. FXStreet in no way guarantees that this information is free from error, error or material misstatement. It is also not guaranteed that this information is current. Investing in open markets involves a high level of risk, including losing all or part of your investment and emotional distress. All risks, losses and costs associated with investing, including total loss of capital, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policies or position of FXStreet or its advertisers.

fewer

How did you like this article? Let us know so we can better customize your reading experience.