Crude Oil Futures: Room for extra gains

CME Group’s preliminary readings for crude oil futures markets noted traders increased their open interest positions for the second session in a row on Tuesday, now by around 3.8K contracts. In the same line, volume reversed two consecutive pullbacks and went up by nearly 179.5K contracts.

WTI re-shifts the attention to $41.50

Prices of the WTI managed to close just above the $40.00 mark per barrel on Tuesday. The positive performance was in tandem with rising open interest and volume, opening the door to the continuation of this move in the very near-term. That said, the area of recent tops near $41.50 emerges as the next target of relevance.