CME Group’s preliminary figures for petroleum futures markets noted open interest extended the uptrend and rose by nearly 8K contracts at the top of last week. Volume, instead, shrank by around 563.2K contracts after two daily builds during a row.
WTI now targets $80.00
The rally in petroleum prices appears unabated thus far . Friday’s inconclusive price action was amidst rising open interest, which is indicative that some consolidation could kick in within the very near term. The underlying bullish stance, however, looks unchanged with WTI targeting the $80.00 mark per barrel within the short-term horizon.