Crude Oil Futures: Scope for extra gains

Traders scaled back their open interest positions by around 3.6K contracts for the first time since April 23 at the end of last week, noted flash data from CME Group. On the opposite direction, volume rose by around 134.6K contracts, partially reversing the previous drop.

WTI now looks to YTD highs near $68.00

Prices of the WTI charted an inconclusive session on Friday following two daily pullbacks. The move was amidst shrinking open interest, opening the door to a potential resumption of the upside in the very near-term. That said, crude oil prices now target the so far 2020 peaks just below the $68.00 mark per barrel in the very near-term (March 8).