Crude Oil Futures: Further gains not ruled out

Open interest in crude oil futures markets increased by around 12.6K contracts after three consecutive daily pullbacks on Monday according to preliminary readings from CME Group. Volume, instead, shrank for the second straight session, now by around 47.5K contracts.

WTI now targets the 2023 high above $83.00

Prices of WTI extended the uptrend past the $81.00 mark at the beginning of the week. The daily uptick was on the back of rising open interest, suggesting that extra gains should not be discarded for the time being. On the flip side, the continuation of the downtrend in volume could spark some bouts of weakness in the very near term. In the meantime, bulls continue to target the 2023 peak at $83.49 per barrel (April 12).