Crude Oil Futures: Further gains likely

Open interest in Crude Oil futures markets rose by around 4K contracts on Wednesday, reversing five consecutive drops according to advanced figures from CME Group. Volume, instead, went down by around 155.2K contracts.

WTI could target the 200-day SMA at $56.40

Prices of the barrel of WTI advanced markedly on Wednesday, regaining the $53.00 mark and beyond. Rising open interest allows for the continuation of the bullish move, although the moderate drop in volume warns against a sustainable recovery for the time being. That said, the next target of significance in crude oil emerges at the 200-day SMA, today at $56.40.