Crude Oil Futures: Further upside on the table

Open interest in crude oil futures markets went up for the third session in a row on Tuesday, this time by around 23.2K contracts in light of preliminary figures from CME Group. On the other hand, volume dropped by nearly 400K contracts after two consecutive builds.

WTI now looks to $43.75

WTI prices keep the upbeat tone and flirt with the $42.00 mark per barrel on Wednesday, adding to the positive price action recorded in the previous session. Rising open interest coupled with the recent upside opens the door to a potential move higher with the next hurdle at the August peaks just below the $44.00 mark.