Crude Oil Futures: Still scope for further upside

Open interest in crude oil futures left behind the previous daily drop and rose by around 6.4K contracts on Tuesday according to preliminary readings from CME Group. Volume followed suit and went up by around 64.6K contracts after three consecutive daily pullbacks.

WTI: Next relevant target comes at $80.00

Prices of the barrel of the WTI extended the march north on Tuesday on the back of increasing open interest and volume, leaving the door open to the continuation of the uptrend in the very near term. That said, the immediate resistance level of note for the commodity appears at the key $80.00 mark per barrel so far.