Crude Oil Futures: Room for further upside near term

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CME Group’s flash data for crude oil futures markets note traders added nearly 20K contracts to their open interest positions on Thursday, adding to the previous daily build. On the other hand, volume reversed two daily builds in a row and shrank by almost 300K contracts.

Thursday’s uptick in prices of the WTI came on the back of increasing open interest, which leaves the door open to extra gains in the very near term. That said, there is a provisional hurdle at the 55-day SMA just above the $76.00 mark per barrel so far.

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