Further upside on the table near term

Considering advanced prints from CME Group for crude oil futures markets, traders added around 15.3K contracts to the current uptrend on Thursday. In the same line, volume remained choppy and went up by around 128.4K contracts, partially reversing the previous pullback.

WTI: Next on the upside now appears $120.00

Prices of the WTI advanced markedly on Thursday against the backdrop of rising open interest and volume. That said, further upside now looks likely with the immediate target at the May high around $120.00 per barrel (May 31).

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