Crude Oil Futures: Extra gains not ruled out

Considering preliminary readings from CME Group for crude oil futures markets, traders added nearly 1K contracts to their open interest positions on Wednesday, reaching the second build in a row. On the other hand, volume went down by just 517 contracts after five consecutive daily advances.

WTI faces decent resistance around $111.00

Wednesday’s uptick in prices of the WTI was on the back of a small gain in open interest. That said, the continuation of the rebound continues to target the May peaks just above the $111.00 mark per barrel, while sellers are expected to meet initial contention around the $98.00 region.