Crude Oil Futures: Upside momentum poised to continue

CME Group’s advanced readings for crude oil futures markets noted traders added around 20.4K contracts to their open interest positions on Wednesday, reaching the second consecutive daily build. Volume followed suit and rose for the third session in a row, now by nearly 260K contracts, the largest single-day build since August 6.

WTI now looks to $74.00/bbl

Prices of the WTI posted strong gains on Wednesday and extended the recent breakout of the key $70.00 mark per barrel. The move was accompanied by rising open interest and volume, allowing for the continuation of the current uptrend with the immediate target at the $74.00 mark and above in the short-term horizon.