Crude Oil Futures: Still scope for extra gains

CME Group’s flash data for crude oil futures markets noted traders added nearly 20K contracts to their open interest positions on Wednesday, reaching the third consecutive daily build. On the other hand, volume dropped by more than 100K contracts, partially reversing the previous day’s uptick.

WTI approaches the $90.00 mark

Prices of the WTI clinched new peaks just below the $88.00 mark on Wednesday. The move was accompanied by increasing open interest, which remains supportive of further upside in the very near term, while the moderate drop in volume could slow the pace of the upside or spark a corrective decline. The next barrier for oil bulls now emerges at $90.00 per barrel.