Crude Oil Futures: Room for extra upside

CME Group’s flash data for crude oil futures markets noted traders added around 4.3K contracts to their open interest positions on Tuesday, reaching the second build in a row. Volume followed suit and went up by around 76.2K contracts, reversing at the same time three consecutive daily retracements.

WTI: Next on the upside comes $119.00

Prices of the barrel of the WTI extended the recovery on Tuesday amidst increasing open interest and volume, leaving the door open to the continuation of the uptrend, at least in the very near term. The next up barrier for crude oil prices comes at $118.94 (June 17 high).