Crude Oil Futures: Scope for extra gains

According to preliminary readings for Crude Oil futures from CME Group, open interest extended the uptrend on Tuesday, this time by around 25.5K contracts. In the same line, volume reversed the previous drop and gained around 301.1K contracts.

WTI now looks to YTD highs

Prices of the WTI rose to multi-week peaks and closed above the $66.00 mark on Tuesday. The move was accompanied by rising open interest and volume, indicative that further upside lies ahead in the very near-term. That said, the next target of note emerges at the 2021 tops just below the $68.00 mark per barrel (March 8).