Crude Oil Futures: Door open for further gains

Traders increased their open interest positions in Crude Oil futures markets by 4.6K contracts on Wednesday following two consecutive daily pullbacks and in light of preliminary data from CME Group. Volume, too, rose after two drops in a row, this time by around 178.8K contracts.

WTI seen edging higher

Tuesday’s small uptick in prices of the West Texas Intermediate was accompanied by increasing open interest and volume, leaving the scenario of further gains unchanged in the very near-term. That said, the next resistance of relevance in WTI is still seen at the $44.00 mark per barrel.