CME Group’s advanced readings for Crude Oil futures markets noted open interest increased by around 30.1K contracts at the end of last week, reversing two straight pullbacks. On the other hand, volume extended the erratic performance and shrunk significantly by around 346.6K contracts.
WTI still looks to $30.00/bbl
Friday’s gains in prices of the barrel of the West Texas Intermediate were on the back of increasing open interest, opening the door at the same time to the continuation, at least in the short-term horizon, of the recovery. Against this backdrop, the next significant hurdle emerges at the key $30.00 mark per barrel.