Crude Oil Futures: Further upside not ruled out

Open interest in crude oil futures markets increased by around 13.5K contracts after four consecutive daily advances on Friday according to preliminary readings from CME Group. Volume, instead, shrank for the third straight session, this time by nearly 50K contracts.

WTI still targets July highs above $77.00

WTI prices kept the optimism well in place in the second half of last week. Friday’s gains were on the back of rising open interest and leave the door open to further upside in the very near term. Against that, the immediate target remains at the July peaks past the $77.00 mark per barrel for the time being.