Crude Oil Futures: Extra gains likely near-term

Traders increased their open interest positions in Crude Oil futures by around 18.8K contracts on Tuesday, as per advanced figures from CME Group. Volume followed suit and rose by almost 208K contracts, reversing at the same time two consecutive daily pullbacks.

WTI now looks to $44.00/bbl

Prices of the WTI rose markedly on Tuesday, managing to close above the $43.00 mark per barrel. The move was accompanied by increasing open interest and volume, leaving the door open for further upside in the short-term horizon. That said, the next interim target aligns at monthly peaks around $43.50 ahead of the $44.00 mark.