In light of preliminary figures from CME Group for crude oil futures markets, traders increased their open interest positions for yet another day on Friday, this time by around 14.5K contracts. It is worth noting that the current uptrend has been in place since May 21st. Volume followed suit and went up by more than 81K contracts, reversing two consecutive daily pullbacks.
WTI: The $70 mark is just around the corner
The rally in crude oil prices remains well and sound and is expected to advance further in the very near-term, as shown by the combination of Friday’s rising open interest and positive price action. Against this, the WTI now targets the $70.00 mark per barrel, level last traded in October 2018.
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