Crude Oil Futures: Room for further upside near-term

CME Group’s flash data for Crude Oil futures markets noted open interest went up for yet another session on Monday, this time by around 13.7K contracts, the largest single day build since April 20. Volume, instead, reversed several daily builds and went down sharply by around 309.4K contracts.

WTI now targets the April peaks above $65.00

Prices of the WTI closed with decent gains at the beginning of the week amidst rising open interest, allowing for the continuation of the uptrend in the very near-term. Against this, the next hurdle of note emerges at the April tops near $65.50 (April 29).