Crude Oil Futures: Rebound likely very near-term

CME Group’s preliminary prints for crude oil futures markets noted traders increased their open interest positions by around 11.1K contracts on Thursday, reversing the downtrend prevailing since June 12. On the other hand, volume reversed two builds in a row and dropped by around 84.5K contracts.

WTI: Further upside could test the 200-day SMA

Thursday’s positive price action in WTI was amidst rising open interest, leaving the door open for extra gains in the very near-term. That said, if the $40.00 mark is cleared on a sustainable fashion, then the 200-day SMA around $44.00 per barrel should emerge as the next target.