Crude Oil Futures: Extra gains now look favoured

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the fourth session in a row on Tuesday, this time by around 8.6K contracts. In the same line, volume resumed the uptrend and rose by around 128.5K contracts.

WTI: Focus remains on the 2023 peak near $85.00

Tuesday’s rebound in prices of WTI came in tandem with rising open interest and volume, leaving the door open to further gains in the very near term and targeting the YTD high of $84.85 per barrel (August 10).