Crude Oil Futures: Further gains likely near term

CME Group’s flash data for crude oil futures markets noted open interest went up by around 2.3K contracts following two consecutive daily pullbacks at the end of last week. Volume, instead, extended the downtrend and shrank by around 164.7K contracts.

WTI keeps targeting $114.00

Friday’s uptick in prices of the WTI was on the back of rising open interest, which suggests the continuation of this trend in the very near term. However, another daily pullback in volume could remove strength from this move. Further gains in the commodity face the immediate target at the weekly high at $114.00 per barrel (June 29).