Crude Oil Futures: Door open to extra gains

CME Group’s flash data for crude oil future markets noted traders increased their open interest positions by around 20.3K contracts at the end of last week. In the same direction, volume reversed four consecutive daily drops and went up by around 151.7K contracts.

WTI: Next on the upside comes the 200-day SMA near $74.00

Price of the WTI extended the optimism seen in the second half of the week on Friday. The uptick was in tandem with rising open interest and volume and leaves the door open to extra gains in the very near term. The surpass of the key $80.00 mark per barrel should expose a probable move to the key 200-day SMA, today just above $84.00.