Crude Oil Futures: Scope for extra recovery

Traders added around 27.8K contracts to their open interest positions in crude oil future markets on Friday considering preliminary readings from CME Group. Volume, instead, extended the downtrend and shrank by around 260.3K contracts.

WTI: Next on the upside comes in $75.00

WTI clinched the third daily advance in a row on Friday amidst rising open interest. That said, the door remains open for the continuation of the recovery from last week’s lows in the vicinity of the $65.00 mark and always targeting the $75.00 yardstick in the short-term horizon.