CME Group’s flash data for crude oil futures markets noted traders added nearly 5K contracts to their open interest positions at the end of last week, keeping the erratic performance unchanged for the time being. Volume, in the same direction, resumed the uptrend and rose by around 241.7K contracts.
WTI keeps targeting $80.00 and above
Prices of the WTI extended the weekly rebound on Friday. The move was in tandem with rising open interest and volume and suggests that further gains look likely in the very near term. The surpass of the key $80.00 mark per barrel should pave the way for a test of the February high at $80.57 (February 13) ahead of the so far 2023 peak at $82.60 (January 23).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD holds ground above 0.6300 after Chinese data
AUD/USD holds higher ground above 0.6300 in the Asian session on Monday. The pair stays firm after mostly upbeat China's activity data for Janauary and February. Chinese government to boost consumption also aids the Aussie's upside amid a weaker US Dollar and risk appetite.
USD/JPY rebounds to 149.00; focus shifts to US data
USD/JPY has staged a decent comeback to test 149.00 amid a positive risk tone early Monday. The prevalent bearish sentiment surrounding the US Dollar and the divergent Fed-BoJ policy expectations could limit the pair's further upside. US Retail Sales data eyed.
Gold price hangs close to $3,000 ahead of US Retail Sales data
Gold price is trading better bid below the historic high of $3,005 reached last Friday. The upside potential in Gold price remains intact amid favorable fundamental and technical factors.
Will Ripple reach a $200 billion valuation if SEC approves altcoin ETFs in 2025?
XRP price rebounded above $2.42 on Friday, marking a 28% recovery from the weekly timeframe low of $1.90. The rally was fueled by the U.S. Securities and Exchange Commission’s kicking off settlement talks with Ripple, and speculations the Blackrock could launch altcoin derivatives products.
Week ahead – Central banks in focus amid trade war turmoil
Fed decides on policy amid recession fears. Yen traders lock gaze on BoJ for hike signals. SNB seen cutting interest rates by another 25bps. BoE to stand pat after February’s dovish cut.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.