Crude Oil Futures: Further gains should not be ruled out

Open interest in crude oil futures markets rose for the second session in a row on Wednesday, this time by nearly 5K contracts according to preliminary readings from CME Group. Volume, instead, resumed the downtrend and dropped by around 225.8K contracts.

WTI: Initial hurdle emerges around $75.00

Wednesday’s strong rebound in prices of WTI was accompanied by increasing open interest and a sharp drop in volume. Against that, there is still scope for further gains, while the monthly high near the $75.00 mark per barrel continues to cap the upside for the time being.