Crude Oil Futures: Rally remains unabated

Open interest in crude oil futures markets rose by around 2.4K contracts on Wednesday after seven consecutive daily pullbacks according to preliminary figures from CME Group. On the other hand, volume retreated sharply by around 620K contracts, the largest daily drop since June 14 2021.

WTI: Green light for a move to $100.00/bbl

Wednesday’s small uptick in prices of the barrel of WTI was in tandem with rising open interest and volume, opening the door to further gains in the very near term and with the immediate target at the psychological $100.00 mark, an area last visited in July 2014.