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The outlook for crude oil futures is positive

 Last Update: 2023-03-15
 Source: Internet
 Author: User

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On Wednesday (Jan.
12), open positions in the crude oil futures market continued the upward trend since the start of the new year, this time around 226,000 open
positions, according to CME Group flash data, FXstreet reported.
Volume followed with an increase of about 467,000 contracts, reaching the second consecutive rising trading day
.

West Texas Intermediate crude is currently at overbought levels, with prices rising further, stabilizing the $80 a barrel mark
.
In the case of open positions and increased volume, the door
is opened for continued higher.
Despite some caution, the RSI is close to 70.
0
as the commodity moves closer to the overbought zone.

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