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Crude Oil Futures: Extra advance in store near term
Considering advanced prints from CME Group for crude oil futures markets, open interest increased by around 14.3K contracts after three consecutive daily drops on Tuesday. In the same direction, volume rose by around 78.7K contracts after three straight daily pullbacks.
WTI now targets the 200-day SMA above $77.00
WTI prices rose markedly to the boundaries of the $75.00 mark per barrel on Tuesday amidst rising open interest and volume. That said, the door now appears open to the continuation of the ongoing rebound to, initially, the key 200-day SMA just above the $77.00 yardstick.
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