Crude Oil Futures: Rally looks unabated

CME Group’s flash data for crude oil futures markets noted open interest rose for the first time after six consecutive daily pullbacks on Tuesday, now by around 31.8K contracts. Volume followed suit and went up by around 123.9K contracts.

WTI now targets the 2018 highs above $76.00

The rally in WTI remains everything but abated. Tuesday’s push higher to new YTD highs beyond the $72.00 mark per barrel was supported by rising open interest and volume, leaving the prospects for further upside well on the cards. Against this, the next target of note now emerges at the 2018 high near $77.00.