Crude Oil Futures: Door open to extra upside
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CME Group’s flash data for crude oil future markets noted traders reversed three consecutive daily pullbacks and increased by around 22.4K contracts on Wednesday. In the same direction, volume rose for the third session in a row, this time by almost 186K contracts.
Prices of the WTI kept the bullish stance unchanged on Wednesday amidst rising open interest and volume. That said, extra gains look favoured in the very near term and should pick up extra pace once the 200-day SMA at $83.13 is cleared in a convincing fashion.
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