Crude Oil Futures: Extra rebound on the cards

Considering advanced prints from CME Group for crude oil futures markets, open interest shrank by around 2.5K contracts on Thursday, reversing at the same time the previous daily build. Volume followed suit and dropped for the second session in a row, now by around 62.6K contracts.

WTI: Next on the upside comes $82.60

Prices of the WTI reversed a 3-session positive streak on Thursday. The downtick, however, came amidst declining open interest and volume, leaving the door open to the continuation of the upside momentum in the very near term and with the immediate hurdle at the 2023 peak at $82.60 (January 23).