Crude Oil Futures: Scope for extra recovery

CME Group’s flash data for Crude Oil futures markets noted traders increased their open interest positions by around 17.6K contracts on Monday, reversing two consecutive daily pullbacks. On the other hand, volume extended the downtrend and shrunk by around 111.3K contracts.

WTI faces the next target at $63.80

Prices of the WTI edged higher on Monday amidst rising open interest, which is indicative that the upside has further legs to go in the very near-term. Against this, the February tops around $63.80 appear as the next hurdle of relevance for oil bulls.