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Crude Oil Futures: Scope for extra gains
Considering advanced prints from CME Group for crude oil futures markets, open interest rose for the fourth session in a row on Friday, this time by around 5.3K contracts. On the other hand, volume dropped by around 90.4K contracts, adding to the previous daily decline.
WTI: Next on the upside comes $80.00
Prices of the WTI extended the optimism seen in the second half of last week amidst rising open interest on Friday. Against that, the continuation of the uptrend appears likely for the time being with the immediate target at the key $80.00 mark per barrel, which appears underpinned by the 200-day SMA around $79.30.
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