Crude Oil Futures: Scope for extra gains near term

Open interest in crude oil futures markets rose by nearly 23K contracts after six consecutive daily pullbacks on Thursday, according to preliminary readings from CME Group. On the other hand, volume went down for the second consecutive session, now by around 240.2K contracts.

WTI re-focuses on the September peak

Thursday’s uptick in prices of WTI was on the back of increasing open interest and allows for the continuation of the rebound to retarget the so far September peak at $92.63 per barrel (September 19).\