Crude Oil Futures: Green light for extra gains

Open interest in crude oil futures markets rose for the second session in a row on Tuesday, this time by more than 34K contracts as per flash data from CME Group. Volume followed suit and went up by around 107.6K contracts, adding to the previous daily build.

WTI: The $80 mark is just around the corner

The rally in crude oil prices remains well and sound and aims for a test of the key $80.00 mark per barrel sooner than later. Tuesday’s move higher was once again supported by increasing open interest and volume, supportive of extra gains in the very near term. That said, the immediate hurdle for WTI still emerges at the $80.00 mark for the time being.