Crude Oil Futures: Scope for extra upside

CME Group’s flash data for crude oil futures markets noted traders added nearly 2K contracts to their open interest positions on Friday, resuming the uptrend after the previous drop. On the flip side, volume went down for the third straight session, this time by almost 10K contracts.

WTI now targets the December peak above $83.00

Prices of the barrel of the WTI climbed further north of the key $80.00 on Friday. The move higher was in tandem with increasing open interest, which is supportive of further gains in the very near term at least. That said, the December 2022 high at $83.30 now emerges as the next hurdle of note for the commodity.