Crude Oil Futures: Near-term rebound on the cards

CME Group’s preliminary figures for Crude Oil futures markets noted open interest went up by around 8.7K contracts on Wednesday, reversing two consecutive daily pullbacks. On the other hand, volume shrunk by around 208.5K contracts following Tuesday’s build.

WTI now eyes a move to YTD highs near $68.00

Prices of the WTI recorded modest gains on Wednesday and reversed two negative sessions in a row. The uptick was on the back of rising open interest, allowing the resumption of the upside with the target at the 2021 highs just below the $68.00 mark per barrel.