Crude Oil Futures: Still scope for extra gains

Considering advanced prints from CME Group for crude oil futures markets, open interest reversed a multi-session downtrend and increased by around 4.3K contracts on Wednesday. In the same line, volume kept the choppy activity well in place and went up by nearly 401K contracts.

WTI now targets the $72.60 region

Wednesday’s gains in WTI prices was accompanied by rising open interest and volume. That said, the continuation of the multi-day recovery would have further legs to go and could challenge the late June tops around $72.60 per barrel.