WTI Crude Oil: Potential for further upside, targeting the 200-day SMA
Considering the latest data from the CME Group's crude oil futures market, open interest in crude oil contracts increased by approximately 14,300 on Tuesday, putting an end to a three-day decline. Meanwhile, trading volume saw a rise of around 78,700 contracts, also ending a three-day decline.
WTI Crude Oil: Current target points to the 200-day SMA above $77
On Tuesday, WTI crude oil prices surged to $75 per barrel, accompanied by an increase in open interest and trading volume. The door for continued price rebound appears to have opened, with an initial target being the 200-day SMA slightly above the $77 level.
Source: CME Group
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