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Crude Oil Futures: Door open to extra gains
Considering advanced prints from CME Group for crude oil futures markets, open interest rose by around 2.8K contracts after two consecutive daily pullbacks on Monday. On the other hand, volume dropped for the third session in a row, this time by more than 53K contracts.
WTI: Initial target comes at $90.37
Prices of the barrel of WTI clinched the third consecutive daily advance on Monday. The move was on the back of rising open interest, which is supportive of further gains in the short-term horizon. Against that, the next hurdle of note emerges at the weekly top at $90.37 (September 5).
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