Crude Oil Futures: Further rebound looks likely

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the fourth consecutive session on Friday, now by around 5.5K contracts. In the same direction, volume rose by nearly 41K contracts after four daily drops in a row.

WTI: Next target comes at $71.60

Friday’s comeback from the sub-$67.00 mark was accompanied by rising open interest and volume and favours the continuation of the recovery in prices of the WTI in the very near term. The convincing surpass of the key $70.00 mark per barrel should expose a potential move to the recent weekly peaks around $71.60 (March 23).

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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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