Crude Oil Futures: Scope for extra gains

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CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second session in a row on Thursday, this time by around 12.5K contracts. On the other hand, volume shrank by the fourth straight session, now by more than 124K contracts.

Thursday’s marked uptick in prices of the WTI was on the back of increasing open interest, which leaves the door open to the continuation of this move at least in the very near term. So far, the $75.00 region per barrel emerges as the immediate hurdle for the commodity.

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