Crude Oil Futures: Potential for extra gains

Open interest in Crude Oil futures markets increased by around 14.2K contracts on Wednesday, reversing seven consecutive daily pullbacks, in light of flash data from CME Group. Volume, instead, resumed the downtrend and went down sharply by nearly 432K contracts.

WTI appears supported around $57.30

Prices of the WTI rose markedly on Wednesday. The rebound from previous lows was on the back of rising open interest, allowing for further upside in the very near-term. So far, prices remain supported by the monthly lows in the $57.30 region.