Crude Oil Futures: Scope for extra gains

CME Group’s flash data for crude oil futures markets showed traders added around 1.1K contracts to their open interest positions on Tuesday. Volume followed suit and went up for the third session in a row, this time by around 239.5K contracts.

WTI looks constructive above the 200-day SMA

Prices of the WTI extended the optimism in the first half of the week. Tuesday’s uptick comes against the backdrop of rising open interest and volume, which remain supportive of higher prices in the very near term. Above the 200-day SMA at $71.25, the outlook for the commodity remains constructive, with the next target for bulls at the key $80.00 mark per barrel.