Crude Oil Futures: Extra gains likely very near-term

CME Group’s flash data for crude oil futures markets rose by around 8.7K contracts following two consecutive daily pullbacks on Wednesday, while volume retreated for the second session in a row, this time by around 8.8K contracts.

WTI remains capped by $43.00/bbl

Wednesday’s uptick in WTI was amidst rising open interest, opening the door to a potential continuation of the move in the very near-term. Against this, the immediate resistance is located at the monthly peaks just above the $43.00 mark per barrel (November 11).