Crude Oil Futures: Rally has extra wings

CME Group’s flash figures for crude oil futures markets noted open interest extended the uptrend for yet another session on Wednesday, this time by nearly 4.7K contracts. Volume, instead, reversed two daily builds in a row and went down by around 394K contracts.

WTI trades at shouting distance from $70.00

Prices of the WTI extended the rally and clinched new 2021 highs near the $69.00 mark on Wednesday, all against the backdrop of increasing open interest. That said, the commodity is expected to test the $70.00 mark per barrel in the short-term horizon for the first time since October 2018.