Crude Oil Futures: Scope for extra gains

Considering advanced prints from CME Group for crude oil futures markets, open interest reversed two consecutive daily drops and rose by around 12.4K contracts on Monday. Volume, instead, declined by nearly 133K contracts, adding to Friday’s retracement.

WTI: Next target emerges at $116.60

Monday’s moderate advance in crude oil prices was against the backdrop of rising open interest, paving the way for the continuation of the rebound in the very near term. Further up, the next barrier of note for WTI emerges at the weekly high at $116.60 (March 24).