Crude Oil Futures: Room for extra upside

CME Group’s preliminary readings for crude oil futures markets noted open interest rose for the fourth straight session on Wednesday, now by nearly 54K contracts. Volume, instead, reversed two builds in a row and shrunk by almost 16.5K contracts.

WTI: Door open to $60.00

The rally in crude oil prices remains unabated and surpasses the $56.00 mark per barrel of WTI, new yearly highs. The uptrend was in tandem with increasing open interest and volume and leaves the door open for a probable move to the key barrier at the $60.00 mark per barrel in the near-term.