Crude Oil Futures: Scope for extra recovery

Pablo Piovano FXStreet

CME Group’s flash data for Crude Oil futures markets noted traders increased their open interest positions by around 17.6K contracts on Monday, reversing two consecutive daily pullbacks. On the other hand, volume extended the downtrend and shrunk by around 111.3K contracts.

WTI faces the next target at $63.80

Prices of the WTI edged higher on Monday amidst rising open interest, which is indicative that the upside has further legs to go in the very near-term. Against this, the February tops around $63.80 appear as the next hurdle of relevance for oil bulls.

Author

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.

EUR/USD trims losses, back to 1.1830

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GBP/USD bounces off lows, retargets 1.3550

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Gold remains offered below $5,000

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UK jobs market weakens, bolstering rate cut hopes

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Ripple slides to $1.45 as downside risks surge

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