CME Group’s preliminary readings for crude oil futures markets noted traders increased their open interest positions for the fourth straight day on Friday, now by nearly 27K contracts. In the same line, volume reversed two daily pullbacks in a row and went up by around 347.8K contracts.
WTI FINALLY SURPASSES THE $60.00 MARK
The barrel of WTI trades above the key $60.00 mark for the first time in over a year at the beginning of the week. Friday’s uptick amidst rising open interest and volume allows for the continuation of the rally in the very near-term, although the extreme overbought condition (as per the daily RSI) might prompt a correction.