Crude Oil Futures Show Potential for Further Upside

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Crude Oil Futures Show Potential for Further Upside

According to flash data from CME Group, crude oil futures markets saw an increase in open interest positions for the second consecutive trading session on Wednesday, rising by almost 24,000 contracts. However, trading volume decreased for the third straight session, dropping by approximately 128,800 contracts.

Despite this, the price of WTI crude oil continued to rebound on Wednesday, suggesting the possibility of further gains in the short term. The rising open interest supports this outlook. However, the commodity is currently facing downward pressure while trading below the February/March peaks, which sit just above the $80.00 mark per barrel.

Traders will be keeping a close eye on developments in the global oil market, particularly with regards to supply and demand dynamics. If demand continues to rise while supply remains tight, this could lead to a sustained period of upward momentum for crude oil futures.

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