Crude Oil Futures: Rebound could extend further near term

CME Group’s flash data for crude oil futures markets noted traders added nearly 22K contracts to their open interest positions on Wednesday, extending the multi-week uptrend for yet another session. In the same line, volume rose for the third session in a row, now by around 141.6K contracts.

WTI faces the next hurdle at $81.44

Prices of the WTI rose markedly on Wednesday amidst increasing open interest and volume, opening the door to the continuation of the recovery in the very near term. Against that, the next target of note comes at the January high at $81.44 per barrel recorded on January 3.