Crude Oil Futures: Still room for extra gains

Market news

2 August 2023

Crude Oil Futures: Still room for extra gains

Open interest in crude oil futures markets went up for the second straight session on Tuesday, this time by around 2.1K contracts according to preliminary readings from CME Group. Volume followed suit and rose by nearly 106K contracts after two consecutive daily pullbacks.

WTI: The hunt for the 2023 high

WTI prices extended its upside momentum for yet another session amidst rising open interest and volume on Tuesday. Against that, the rally appears to have further legs to go and with the immediate target at the YTD high at $83.49 (April 12).

USD/INR: RBI will be content with the stability – Commerzbank

GBP/USD: Still scope for a move to 1.2720 – UOB

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