Crude Oil Futures: Scope for further gains

CME Group’s flash data for crude oil futures markets noted open interest rose for the second session in a row on Thursday, now by around 19K contracts. Same path followed volume, up by around 66.7K contracts.

WTI: Next target comes in at $74.00

Prices of the WTI posted strong gains on Thursday, finally managing to regain the area above the $70.00 mark per barrel, although closing below it. The move was accompanied by rising open interest and volume, allowing for extra upside in the very near term. That said, late July’s peaks above the $74.00 yardstick now emerge as the next target for oil bulls.