Crude Oil Futures: Room for extra upside

In light of preliminary readings for crude oil futures markets from CME Group, traders added nearly 16.3K contracts to their open interest positions on Friday. in the same line, volume rose for the second session in a row, this time by around 37.8K contracts.

WTI now targets $40.00/bbl

The recovery in crude oil prices remains well and sound. In fact, Friday’s positive price action in the WTI was on the back pf rising open interest and volume, which allows for the continuation of the rally and a probable move to the key $40.00 barrier per barrel in the short-term horizon.