Crude Oil Futures: rally picks up pace / WTI now targets $65.00
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FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. Picture taken February 11, 2019. REUTERS/Nick Oxford/File Photo
Crude oil futures markets noted open interest rose for yet another session on Friday, now by around 51.8K contracts, according to advanced data from CME Group. It is worth mentioning that the uptrend remains unaltered since December 24th. In the same line, volume increased for the sixth day in a row.
The WTI rally stays well and sound at the beginning of the week, with prices rising almost uninterruptedly since early December from the $55.00 region to levels just below $65.00 recorded earlier today. Rising open interest and volume support the idea of higher prices, with the $65.00 mark emerging as the next key barrier in the short-term horizon.
