Crude Oil Futures: Extra upside likely near term
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CME Group’s flash data for crude oil futures markets noted traders added around 23.4K contracts to their open interest positions at the beginning of the week, resuming the uptrend following the previous drop. On the other hand, volume shrank for the second consecutive session, now by around 32.2K contracts.
The recovery in prices of the WTI finally reached the key $80.00 mark per barrel on Friday. The uptick was in tandem with rising open interest and declining volume, which leaves the door open to extra gains, although a probable corrective move or some consolidation in the short term should not be ruled out.
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