Crude Oil Futures: Rally poised to extend further

CME Group’s advanced readings for crude oil futures markets noted open interest reversed Tuesday’s pullback and increased by around 11.4K contracts on Wednesday. On the other hand, volume shrunk by nearly 206.5K contracts following two builds in a row.

WTI now looks to $54.00 and above

Prices of the WTI extended its ascent on Wednesday and surpassed the key $50.00 mark per barrel for the first time since February. The move was amidst rising open interest, which is supportive of extra gains in the very near-term. That said, the February’s top at $54.45 emerges as the next hurdle of note.