Crude Oil Futures: Further upside in the pipeline

Considering preliminary readings from CME Group for crude oil futures markets, traders added around 25.3K contracts to their open interest positions on Tuesday, reaching the second daily build in a row. In the same line, volume, reversed two pullbacks in a row and went up by around 188.5K contracts.

WTI keeps targeting the 2022 high near $88.00

Tuesday’s decent uptick in prices of the barrel of WTI was accompanied by a sharp increase in open interest and volume, allowing for the continuation of the rally in the very near term. That said, the next magnet for oil bulls remains at the YTD low just below the $88.00 mark (January 19).