Crude Oil Futures: Scope for extra gains

CME Group’s flash data for crude oil futures markets noted open interest dropped for the third session in a row on Thursday, now by around 18.6K contracts. Volume followed suit and went down for the second straight day, this time by around 78.8K contracts.

WTI now targets the 2022 high

Prices of the barrel of the WTI corrected lower on Thursday following fresh multi-week highs. The daily decline came amidst shrinking open interest and volume, leaving the downside limited in the very near term. That said, the bullish view in crude oil remains well in place and with the next target at the YTD tops past the $129.00 mark.