Crude Oil Futures: Scope for the continuation of the uptrend

CME Group’s preliminary readings for crude oil futures markets noted open interest increased for the third consecutive session on Friday, now by almost 10K contracts. Volume, instead, dropped for the second straight session, this time by more than 4K contracts.

WTI still targets $50.00

Prices of the WTI clinched fresh tops near the $47.00 mark on Friday. The uptick was accompanied by rising open interest and therefore leaves the door open for further upside in the short-term horizon. Against this, the target remains at the psychological $50.00 mark.