There is Potential for Additional Upside in Crude Oil Futures

EnclaveFX Ltd
Jan 23, 2023

On Friday, CME Group's flash data for crude oil futures markets indicated traders added nearly 2K contracts to open interest positions, resuming the upward trend after the prior drop. In contrast, the volume declined by almost 10K contracts for the third consecutive session.

Currently, WTI is aiming for a peak above $83,00 in December

It was on Friday that the barrels of WTI climbed above the crucial $80.00 level. As a result of the move higher, there was an increase in open interest, which indicates that the commodity will continue to gain momentum in the very near term. However, the next hurdle for the commodity is the high of $83.30 in December 2022.


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