Crude Oil Futures: Extra gains looks likely

CME Group’s flash data for crude oil futures markets saw traders add nearly 11K contracts to their open interest positions on Friday, extending the uptrend in place since May 23. Volume, instead, shrank by more than 282K contracts, leaving behind the previous daily build.

WTI: Next target emerges at the 2022 high

Crude oil prices edged higher and closed beyond the $120.00 mark on Friday. The move was accompanied by rising open interest, which is supportive of further gains in the very near term. On the upside for WTI there are no resistance levels of note until the 2022 peak above $129.00 per barrel (March 8).