Crude Oil Futures: Door open to extra upside

Open interest in crude oil futures markets increased for the second session in a row on Wednesday, this time by nearly 10K contracts according to CME Group’s preliminary readings. Volume followed suit and went up by around 151.1K contracts.

WTI now looks at the 200-day SMA

Prices of WTI extended the move higher on Wednesday and surpassed the $75.00 mark per barrel on the back of increasing open interest and volume. That said, the commodity could attempt a challenge to the key 200-day SMA, today around $77.20.