Crude Oil Futures: Scope for further upside

Traders increased their open interest positions in crude oil futures markets by around 47.2K contracts on Tuesday, in light of advanced figures from CME Group. In the same line, volume reversed the previous drop and rose by around 83.8K contracts.

WTI now targets the 200-day SMA near $43.70

The barrel of West Texas Intermediate (WTI) continues to navigate within a side-lined theme around the key $40.00 mark. Tuesday’s positive price action was amidst rising open interest and volume, allowing for a potential move to the 200-day SMA around $43.70 in the near-term.

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