Crude Oil Futures: Rally has further legs to go

CME Group’s advanced prints for crude oil futures markets noted open interest went up for the fourth consecutive day on Thursday, now by around 12.3K contracts. Volume followed suit and clinched the fifth straight build, this time by around 180.7K contracts.

WTI finally surpasses $80.00

WTI prices extended the intense rally on Thursday and briefly advanced beyond the key $80.00 mark per barrel. The move was accompanied by rising open interest and volume, which suggests that extra gains remain in the pipeline with the next target now emerging at November’s peak near $85.00 (November 10).