Crude Oil Futures: Further strength on the cards

Considering preliminary readings from CME Group for crude oil futures markets, traders added just 189 contracts to their open interest, reaching the third consecutive daily build. In the same line, volume went up for the second session in a row, this time by around 25.2K contracts.

WTI remains capped by the 200-day SMA

Wednesday’s gains in prices of the WTI were accompanied by increasing open interest and volume and are supportive of extra upside in the very near term. In the meantime, the key 200-day SMA, today at $97.02, continues to cap occasional bullish attempts.