Crude Oil Futures: Green light for further upside

CME Group’s preliminary readings for crude oil futures markets noted traders added around 24.7K contracts to their open interest positions on Monday, the largest single-day build since September 23. Volume followed suit and went up by around 217.3K contracts.

WTI now looks to $1,800

The rally in crude oil prices remains well and sound. Monday’s uptick beyond the $78.00 mark in WTI was in tandem with rising open interest and volume, allowing for the continuation of the uptrend in the very near term and always with the target at the $80.00 mark per barrel.