Crude Oil Futures: Scope for extra gains

CME Group’s flash data for Crude Oil futures markets noted open interest rose by around 18.3K contracts at the end of last week, reaching the third consecutive build. Volume, instead, dropped for the third session in a row, this time by around 105.7K contracts.

WTI: Next target emerges at $40.00/bbl

Friday’s uptick was on the back of rising open interest, which should be supportive of extra recovery in the near-term. With that in mind, the next hurdle of relevance for prices of the WTI remains at the key $40.00 mark per barrel.