Crude Oil Futures: Further gains still on the cards

CME Group’s flash readings for crude oil futures saw open interest advancing for the third sessions in a row on Wednesday, this time by just 135 contracts. On the other hand, volume prolonged the choppy activity and went down by around 43.4K contracts.

WTI still targets the 200-day SMA

Prices of the WTI keep navigating the upper end of the range around the $40.00 mark per barrel. While further advances are not ruled out on the back of rising open interest, the erratic performance in volume leaves the consolidative scenario favoured, at least in the short-term horizon.