Crude Oil Futures: Room for extra gains near term

Open interest in crude oil futures markets extended the uptrend on Wednesday, this time by more than 40K contracts according to preliminary readings from CME Group. Volume, instead, shrank markedly by around 308.3K contracts after five consecutive daily pullbacks.

WTI keeps the initial focus on $90.00

Prices of the barrel of WTI revisited the $88.00 region on Wednesday amidst decent gains. The move was on the back of increasing open interest, which hints at the idea that further gains remain on the cards and with the immediate target at the key round level at $90.00.