Crude Oil Futures: Extra recovery in the pipeline

According to preliminary figures for crude oil futures markets, traders increased their open interest positions for the sixth session in a row on Wednesday, this time by around 53.1K contracts. In the same line, volume went up by nearly 281.6K contracts. Extending the erratic performance.

WTI looks supported just below $20.00

Prices of the WTI look to have met some decent contention in the sub-$20.00 area so far. Rising open interest and volume coupled with Wednesday’s positive price action opens the door to the continuation of the recovery, at least in the short-term horizon and with the interim target at last week’s highs just above the $25.00 mark per barrel.