Crude Oil Futures: Room for extra gains

CME Group’s flash data for crude oil futures markets noted open interest extended the downtrend for yet another session on Tuesday, now by around 2.4K contracts. Volume, instead, went up for the second consecutive session, this time by around 16.5K contracts.

WTI still targets the $115.00 level

Tuesday’s corrective downside in prices of WTI was on the back of diminishing open interest, indicative that a probable rebound could be shaping up in the very near term. Against that, further upside in crude oil prices continues to target the $115.00 region (March 10 high).