Crude Oil Futures: Further recovery appears likely

CME Group’s flash data for crude oil futures markets noted traders extended the uptrend in open interest and added around 15.6K contracts on Tuesday. Volume followed suit and went up by around 11.2K contracts, partially reversing the previous drop.

WTI remains focused on $82.60

Prices of the WTI charted a decent advance on Tuesday, coming back after dropping to 3-week lows near $76.60. The rebound was amidst increasing open interest and volume and is supportive of the continuation of the bounce at least in the very near term. Next on the upside for the commodity comes the YTD top at $82.60 per barrel (January 23).