Crude Oil Futures: Scope for extra gains near term
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CME Group’s flash data for crude oil futures markets noted traders added nearly 16K contracts to their open interest positions on Thursday, extending further the ongoing uptrend. Volume followed suit and went up by around 22.1K contracts after two daily pullbacks in a row.
Prices of the barrel of the WTI added to the previous daily upside on Thursday amidst increasing open interest and volume. Against that, there seems to be scope for the continuation of the move with the immediate target at the so far 2023 peak at $82.60 per barrel (January 23).
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