Crude Oil Futures: Recovery has further legs to go

Traders increased their open interest positions for yet another session at the beginning of the week, now by nearly 3.4K contracts according to flash data from CME Group. Volume, too, went up, this time by around 10.3K contracts.

WTI targets $40.00 and above

Monday’s positive performance of the barrel of WTI was on the back of rising open interest and volume, partially reversing last week’s sell-off. Against this, WTI now shifted its focus to the $40.00 mark and above in the near-term ahead of the mid-September peaks near $41.50.