Crude Oil Futures: Extra gains favoured near term

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second session in a row on Monday, this time by around 13.7K contracts. In the same line, volume went up by around 98.5K contracts after three consecutive daily pullbacks.

WTI: On its way to $80.00

Prices of WTI rose to fresh highs past the $79.00 yardstick at the beginning of the week. The positive price action was accompanied by rising open interest and volume and exposes the probable continuation of the upside momentum in the very near term. Against that, the immediate hurdle still emerges at the key $80.00 mark per barrel.