Crude Oil Futures: Door open to extra upside

CME Group’s flash data for crude oil futures markets noted open interest increased for the fourth consecutive session on Friday, this time by more than 29K contracts. On the other hand, volume shrank for the third day in a row, now by around 183.5K contracts.

WTI: Next up barrier aligns at $116.60

WTI extended the weekly recovery past the $110.00 mark at the end of last week amidst rising open interest, which should be supportive of the continuation of this move in the very near term. Looking at the broader picture, the next hurdle of note comes at the March 24 high at $116.61.