Crude Oil Futures: Scope for extra upside

CME Group’s flash data for crude oil futures markets showed open interest rose for yet another session, this time by just 688 contracts. In the same line, volume increased for the second session in a row, now by around 43.2K contracts.

WTI set sails to $41.50

Prices of the WTI extended the leg higher and closed above the $40.00 barrier on Wednesday. The uptick was against the backdrop of rising open interest and volume, signalling that further gains are likely in the very short-term horizon. With that in mind, the area of $41.50 still emerges as the next target of relevance.