Crude Oil Futures: Extra gains likely near term

Open interest in crude oil futures markets reversed three consecutive daily pullbacks and went up by around 3.5K contracts at the end of last week, according to preliminary readings from CME Group. Volume, instead, shrank for the third straight session, now by around 26.8K contracts.

WTI met support below $86.00

Prices of the barrel of WTI bounced off recent lows in the sub-$86.00 level on Friday. The downtick was amidst increasing open interest, which hints at the idea that further rebound looks on the cards in the very near term. Next on the upside for crude oil emerges the 200-day SMA, today at $96.30.