Crude Oil Futures: Further gains not ruled out

Open interest in Crude Oil futures markets rose by around 2.8K contracts at the beginning of the week in light of advanced readings from CME Group. Volume, instead, shrunk fo the third session in a row, this time by around 56.5K contracts.

WTI looks to $43.50 near-term

Monday’s uptick in prices of the WTI was accompanied by increasing open interest, leaving the door open for the continuation of the move in the very near-term. That said, the next target is at the recent top at $43.50 (August 5), although the broader consolidative fashion in the commodity is likely to remain unchanged in the medium-term.