Crude Oil Futures: Still scope for further upside
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CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second straight session on Thursday, this time by just 924 contracts. Volume, instead, reversed two daily builds in a row and shrank by around 191.2K contracts.
Crude oil prices charted humble gains on Thursday amidst a small uptick in open interest, which is supportive of the continuation of the rebound in the very near term. Moving forward, the WTI now targets the so far November peak at $93.73 (November 7).
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