Crude Oil Futures: Jump in prices reinvigorates the uptrend

Open interest in crude oil prices extended the uptrend and rose by around 4.6K contracts at the beginning of the week according to preliminary readings from CME Group. Volume followed suit and rose sharply by around 812K contracts, the largest single-day build so far this year.

WTI: Next on the upside comes $82.60

Prices of the WTI leapt past the $81.00 mark per barrel on Monday in response to the decision by the OPEC+ to reduce the oil output. The strong bounce was on the back of increasing open interest and volume and leaves the door open to further upside in the very near term. Against that, the next target on the upside now emerges at the 2023 high at $82.60 (January 23).