Crude Oil Futures: Scope for further gains

CME Group’s flash data for crude oil futures markets noted open interest resumed the uptrend on Friday, this time rising by around 17.7K contracts. Volume followed suit and increased sharply by around 310.5K contracts, offsetting the previous drop.

WTI stays focused on $93.62

Prices of the WTI rose markedly at the end of last week on the back of rising open interest and volume, leaving the door open to the continuation of the rebound in the very near term. On the upside, the next hurdle remains at the October top at $93.62 per barrel (October 10).