Crude Oil Futures: Extra gains still in the pipeline

Considering advanced prints from CME Group for crude oil futures markets, open interest increased by more than 35K contracts on Wednesday, adding to the previous daily advance. Volume followed suit and went up by around 615K contracts, the largest single-day build since early April.

WTI now looks at a visit to $100.00

WTI prices added to the weekly advance and climbed to fresh 2023 peaks past the $94.00 mark on Wednesday. The uptick was on the back of rising open interest and volume and is indicative that extra gains remain in store for the commodity for the time being. Immediately to the upside now comes the psychological mark at $100.00 per barrel.