Crude Oil Futures: Further gains in the pipeline

CME Group’s flash data for crude oil futures markets noted traders added nearly 4K contracts to their open interest positions at the end of last week, reaching the fourth daily build in a row. Volume, instead, reversed three daily pullbacks in a row and went down by around 302.1K contracts.

WTI still expects to re-test $70.00 and above

Rising open interest coupled with decent gains in WTI on Friday opens the door to the continuation of the recovery in the very near term. Against this, recent tops just above the key $70.00 mark per barrel remain the next target of relevance for crude oil.