Crude Oil Futures: Further gains not ruled out

In light of preliminary readings from CME Group, traders reversed four consecutive pullbacks and increased their open interest positions by just 339 contracts at the beginning of the week. Volume, too, went up by almost 49.9K contracts.

WTI now looks to the 200-day SMA around $44.00/bbl

Prices of the WTI are extending the consolidation around the key $40.00 mark per barrel. Monday’s small uptick was on the back of a marginal rise in open interest and volume, which should leave the neutral/bullish view unchanged in the very near-term at least.