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CME Group Reports Increase in Crude Oil Futures Trading Volume

Published by
Nonhlanhla P Dube

CME Group, the world’s leading and most diverse derivatives marketplace, recently released flash data revealing an upswing in crude oil futures trading. On Wednesday, traders reversed three consecutive daily pullbacks and increased by approximately 22.4K contracts. The same trend was noted in volume, which rose for the third session in a row, this time by almost 186K contracts.

WTI Maintains Bullish Stance, Additional Gains Expected

Despite some recent fluctuations in the market, prices of the West Texas Intermediate (WTI) remained relatively stable on Wednesday. With rising open interest and volume, experts predict that additional gains are likely in the very near term. The bullish stance is expected to maintain its course, picking up extra momentum once the 200-day Simple Moving Average (SMA) at $83.13 is cleared in a convincing fashion.

Crude Oil Futures Open Door to Extra Upside Potential

Given the recent surge in crude oil futures trading, experts suggest that the market is open to extra upside potential. This sentiment is further supported by CME Group’s flash data, which highlights a steady increase in trading volume and open interest. As traders and investors continue to capitalize on the bullish trend, the market is poised to see additional gains in the coming weeks.

In conclusion, the recent uptick in crude oil futures trading is a promising sign for investors and traders. As the market maintains its bullish stance, experts predict that additional gains are likely in the very near term. With the 200-day SMA acting as a key resistance level, traders are advised to monitor the market closely for any signs of a breakout. Overall, the crude oil futures market presents a wealth of opportunities for those looking to capitalize on the current bullish trend.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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