Crude Oil Futures: Further gains on the cards

CME Group’s flash data for crude oil futures markets noted open interest went up for the third session in a row on Thursday, this time by around 5.6K contracts. On the other hand, volume keeps the choppy activity well and sound and went decreased by around 77.3K contracts.

WTI now looks to $41.50 very near-term

Prices of the West Texas Intermediate edged higher on Thursday amidst rising open interest. That said, further upside in WTI now looks likely with the initial interim hurdle at last week’s peaks in the $41.50 region ahead of the August’s top at $43.75 per barrel.