Crude Oil Futures: Further upside not ruled out

CME Group’s preliminary figures for crude oil futures markets noted open interest extended the uptrend and rose by nearly 8K contracts at the end of last week. Volume, instead, shrank by around 563.2K contracts after two daily builds in a row.

WTI now targets $80.00

The rally in crude oil prices appears unabated so far. Friday’s inconclusive price action was amidst rising open interest, which is indicative that some consolidation could kick in in the very near term. The underlying bullish stance, however, looks unchanged with WTI targeting the $80.00 mark per barrel in the short-term horizon.