Crude Oil Futures: Further upside still likely

CME Group’s preliminary readings for crude oil futures markets noted traders added around 1.4K contracts to their open interest positions on Tuesday. Volume followed suit and added to the previous build, increasing by around 63.5K contracts.

WTI looks capped by $130.00

Prices of WTI extended the uptrend for yet another session on Tuesday. Extra gains remain well on the cards in the meantime, as noted by the uptick in both open interest and volume. That said, the immediate target emerges at the 2022 high at $129.49 (March 8).