Crude Oil Futures: Scope for further rebound

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second straight day on Wednesday, this time by nearly 9K contracts. On the other hand, volume went down by around 167.3K contracts, adding to the previous day’s drop.

WTI: Interim hurdle comes at $84.60

Wednesday’s recovery in prices of the WTI was on the back of rising open interest. Against that, the rebound could extend further and revisit the temporary hurdle at the 55-day SMA, today near $84.60 per barrel.