Crude Oil Futures: Further gains stay on the cards

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions by around 9.5K contracts on Monday, reaching the second build in a row. In the same direction, volume rose markedly by around 644.1K contracts.

WTI now looks to $42.00/bbl

Prices of the barrel of WTI moved beyond the $41.00 mark on Monday albeit closed in the sub-$40.00 area amidst rising open interest and volume. That said, the ongoing recovery carries the potential to target October’s peaks in the boundaries of the $42.00 mark in the very near-term (October 20).