Crude Oil Futures: Extra gains in the pipeline

Traders increased their open interest positions for the third straight session on Friday, now by around 36.3K contracts, according to preliminary data from CME Group. In the same line, volume reversed two consecutive daily drops and rose by around 269.8K contracts.

WTI still targets $54.00 and above

Friday’s positive performance of the WTI was on the back of rising open interest and volume, which is supportive of further gains in crude oil in the very near-term. Against this, the next target of relevance in crude oil is the February’s top at $54.45 per barrel.