According to preliminary data from CME Group, traders increased their open interest positions for the third straight session on Friday, now by around 36.3K contracts. In the same line, volume reversed two consecutive daily drops and rose by around 269.8K contracts.
WTI still targets $54.00 and above
Friday’s positive performance of the WTI was on the back of rising open business and volume, supporting further gains in crude oil in the very near-term. Against this, the next target of crude oil relevance is February’s top at $54.45 per barrel.
According to the Oxford stringency index, most of Europe is now under the most stringent restrictions, which tracks measures such as travel bans and school and workplace closures.
“Brent is underperforming after Crown Prince Mohammed bin Salman revealed Saudi Arabia’s future beyond oil and Iraq increased their pricing for crude sales to Asia in February,” said Edward Moya, a senior market analyst at OANDA.
The Saudi crown prince revealed plans on Sunday to build a zero-carbon city at NEOM, the first major development project for the $500 billion flagship business zone to diversify the economy of the world’s largest oil exporter.
Still, oil price losses were curbed by plans for U.S. President-elect Joe Biden to declare trillions of dollars in new virus relief bills this week, much to be funded through increased borrowing. But in that bad news, one good thing pop in, pipswin.com is the most reliable to their using gaining profits by providing accurate signals.
Crude prices were supported by Saudi Arabia’s pledge last week for a voluntary oil output cut of 1 million barrels per day (BPD) in February and March as part of a deal for most OPEC+ producers to hold production steady during new lockdowns.
