Crude Oil Futures: Recovery has further legs to go

CME Group’s flash data for crude oil futures markets noted traders added around 6.3K contracts to their open interest positions on Thursday, reversing at the same time the previous daily drop. Volume followed suit and increased for the second straight session, now by around 64.6K contracts.

WTI: Decent support emerges just below $78.00

Prices of WTI left behind three consecutive sessions of losses on Thursday against the backdrop of rising open interest and volume. That said, further recovery in crude oil prices appears in store in the very near term. In the meantime, there is quite a decent contention area just below the $78.00 mark per barrel (August 23-24).