Crude Oil Futures: Extra upside not ruled out

In light of preliminary readings from CME Group for crude oil futures markets, investors added around 10.5K contracts to their open interest positions last Thursday, reaching the second build in a row. Volume, instead, extended the choppy activity and went down by around 150.5K contracts.

WTI: All the attention is on the $50.00 mark

WTI’s rebound from daily lows was on the back of rising open interest last Thursday, supporting the view that further upside could be on the cards in the very near-term. That said, WTI now looks to a potential re-test of the key $50.00 mark per barrel in the next sessions.