Crude Oil Futures: Rebound could extend further

CME Group’s flash data for crude oil futures markets noted open interest went up by around 2.2K contracts after five consecutive daily drops on Wednesday. Volume, instead, shrank for the second session in a row, this time by more than 136K contracts.

WTI now targets $75.00

Wednesday’s strong advance in prices of the WTI was amidst rising open interest, indicative that the recovery could extend further in the short-term horizon. Against that, last week’s peaks in the $75.00 area now emerge as the next target of relevance for the commodity.