Crude Oil Futures: Scope for extra gains

According to preliminary readings from CME Group for crude oil futures markets, traders added 706 contracts to their open interest positions on Friday, reaching the fourth daily build in a row. In the same line, volume resumed the uptrend and went up by around 485.5K contracts.

WTI now targets the 200-day SMA near $98.00

Prices of the barrel of the WTI extended the sharp rebound on Friday amidst rising open interest and volume. That said, the door appears open to further gains and with the next target of note at the 200-day SMA around the $98.00 mark.