Crude Oil Futures: Extra gains in the pipeline

Open interest in crude oil futures markets resumed the uptrend and went up by around 8.7K contracts on Thursday, leaving behind the previous daily pullback according to preliminary readings from CME Group. In the same direction, volume increased for the third straight session, no by around 33.3K contracts.

WTI keeps the target at the 2023 peak above $83.00

Prices of WTI rebounded sharply and regained the area above the $81.00 mark on Thursday. The bounce on the commodity was on the back of increasing open interest and volume and leaves the door open to the continuation of the strong uptrend in place since late June. Immediately to the upside emerges the YTD high at $83.49 (April 12).