Crude Oil Futures: Scope for extra upside

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second session in a row on Wednesday, this time by nearly 24K contracts. On the other hand, volume went down for the third straight session, now by around 128.8K contracts.

WTI: Gains remain capped by the $80.00 region

Prices of the WTI extended the rebound on Wednesday amidst rising open interest, which is indicative that further gains remain in store in the very near term. Against that, the commodity seems under pressure while below the February/March peaks just above the $80.00 mark per barrel.