Crude Oil Futures: Recovery stays in place

CME Group’s advanced prints for crude oil futures markets noted traders added nearly 7K contracts to their open interest positions on Thursday. Volume, instead, dropped by around 38.5K contracts, leaving the ongoing choppy activity unchanged.

WTI still targets the $70.00 mark

Thursday’s drop and rebound in WTI was amidst rising open interest, allowing for the continuation of the bounce off Monday’s lows in the sub-$62.00 region. That said, the next target of note remains at the key $70.00 mark per barrel for the time being.