Crude Oil Futures: Potential for extra gains

CME Group’s advanced figures for crude oil futures markets showed open interest went up for the third straight session on Thursday, now by around 5.8K contracts. Volume followed suit and rose for the second day in a row, this time by around 167.5K contracts.

WTI faces interim hurdle near $54.50

Prices of the barrel of WTI approached the $54.00 mark on Thursday amidst rising open interest and volume. Against this, the door remains open for further advances in the very near-term with the next interim resistance at $54.45 (February 2020 high). However, a potential correction lower should not be ruled out in light of the current overbought conditions.