CME Group’s advanced readings for crude oil futures markets noted traders added nearly 10K contracts to their open interest positions at the beginning of the week. Volume followed suit and went up by around 108.5K contracts after four consecutive daily drops.
WTI expected to edge higher
Prices of the barrel of WTI extended the rally on Monday and are seen pushing higher amidst rising open interest and volume. That said, the barrel of West Texas Intermediate could attempt a move to March’s top at $48.39 (March 4) in the longer run.
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