Crude Oil Futures: Further gains on the cards

CME Group’s flash data for Crude Oil futures markets noted open interest reversed the previous drop and went up by around 30.2K contracts at the end of last week. On the opposite direction, volume reversed five consecutive daily builds and retreated by around 217.5K contracts.

WTI looks consolidative very near-term

Prices of the WTI closed last week on a positive footing amidst increasing open interest. The uptick, however, was within the broad choppy performance of open interest, which should be supportive of further rangebound in the very near-term. On the upside, there are no hurdles of note until the YTD high near the $68.00 mark per barrel (March 8).