Crude Oil Futures: Further gains not ruled out

CME Group’s flash data for crude oil futures markets noted traders added around 3.8K contracts to their open interest positions on Wednesday, extending the uptrend for yet another session. Volume, instead, dropped for the second session in a row, this time by around 108.4K contract.

WTI still targets the $77.00 mark

Wednesday’s price action in WTI was inconclusive and amidst rising open interest. Against that, some consolidation should not be ruled out in the very near term, while bulls continue to target the 2021 highs in the boundaries of the $77.00 mark per barrel.