Crude Oil Futures: Recovery has further legs to go

CME Group’s flash data for crude oil futures markets noted open interest rose by around 12.4K contracts, reversing at the same time eight consecutive daily pullbacks. In the same line, volume went up by around 56.6K contracts, keeping the erratic performance well in place.

WTI now targets $70.00

Prices of the WTI extended the rebound for the third session in a row on Wednesday, opening the door to the continuation of the recovery in the very near term. Rising open interest and volume support this view with the next target at the key $70.00 mark per barrel.