Crude Oil Futures: Further upside in the pipeline
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CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions by around 14.6K contracts on Friday, reversing the previous daily drop. Volume followed suit and rose by around 142.5K contracts, resuming the uptrend after the previous pullback.
Friday’s small advance in prices of the WTI was accompanied by rising open interest and volume and is indicative that further upside lies ahead in the very near term. The surpass of the key 200-day SMA at $83.04 could motivate the commodity to embark on a potential move to the November 2022 high at $93.73 (November 7).
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