Crude Oil Futures: Room for the continuation of the recovery
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Considering advanced prints from CME Group for crude oil futures markets, open interest rose by around 5.8K contracts after four consecutive daily pullbacks. Volume followed suit and rose for the second straight session, this time by around 56.2K contracts.
Prices of the WTI look to extend the weekly recovery amidst Wednesday’s rising open interest and volume, suggesting that further gains lie ahead in the very near term. Against that, the next target of note aligns at the February high near $80.60 (February 13).
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