May 30, 2023

Crude Oil Futures: Scope for further advance

CME Group’s flash data for crude oil futures markets noted open interest increased by around 19.3K contracts on Monday after two daily drops in a row. In the same line, volume went up by around 189.2K contracts, adding to the previous day’s build.

WTI keeps targeting $80.00

Monday’s uptick in prices of the barrel of the WTI was accompanied by rising open interest and volume, indicative that extra gains appear on the cards in the very near term. Against that, crude oil remains focused on the key barrier at $80.00 per barrel.

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