Crude Oil Futures: Extra gains look likely

CME Group’s flash data for crude oil futures markets saw traders increase their open interest positions by more than 16K contracts at the end of last week. Volume, on the other hand, dropped by around 122.4K contracts.

WTI: Next on the upside comes $116.60

The rebound in prices of the WTI remained well and sound on Friday amidst rising open interest, which is supportive of the continuation of the bounce in the very near term at least. That said, the $116.61 level now emerges as the next target followed by the 2022 high past the $129.00 mark (March 8).