Crude Oil Futures: Further upside looks not favoured

Considering advanced prints from CME Group for crude oil futures markets, open interest dropped for the fourth session in a row on Tuesday, now by around 22.7K contracts. On the other hand, volume went up by around 13.5K contracts after three straight daily declines.

WTI: Next on the upside comes the YTD peak near $95.00

WTI prices resumed the uptrend on Tuesday, leaving behind the daily pullback seen at the beginning of the week. The daily bounce was on the back of shrinking open interest, however, hinting at the idea that the continuation of the move seems not favoured for the time being. In the meantime, the 2023 peak near the $95.00 mark per barrel remains as the next target for bulls.

Leave a Reply

Your email address will not be published. Required fields are marked *