Crude Oil Futures: Further upside in the pipeline near term

Considering advanced prints from CME Group for crude oil futures markets, open interest increased by around 9.7K contracts on Tuesday, adding to the previous daily build. Volume followed suit and went up by around 206.8K contracts, reversing the previous daily pullback.

WTI: Longer-term barrier comes at $80.00

Prices of WTI extended the positive start of the week amidst rising open interest and volume on Tuesday. Against that, the commodity could see its rebound pick up impulse and shift its focus to the key barrier at the $80.00 mark per barrel, and area also reinforced by the 200-day SMA.