Crude Oil Futures: Extra gains likely

CME Group’s advanced prints for crude oil futures markets noted traders added around 11.7K contracts and reversed five consecutive daily drops on Thursday. Volume, instead, extended the downtrend and shrank by more than 8K contracts.

WTI appears supported above $80.00

Prices of the WTI dropped and rebounded from the vicinity of the $80.00 mark per barrel on Thursday, closing the session with decent gains. The move was in tandem with rising open interest, which is supportive of extra gains in the very near term. Against that, the next hurdle f note comes at the 2021 high past the $85.00 yardstick (October 25).