Crude Oil Futures: Rally stays unabated

Traders added more than 9K contracts to their open interest positions in crude oil futures markets after two daily pullbacks in a row on Monday, considering flash data from CME Group. Volume followed suit and went up by around 400.4K contracts.

WTI now targets $76.88

Prices of the WTI briefly probed the $74.00 mark at the beginning of the week, or new 2021 highs. The uptick was accompanied by rising open interest and volume, leaving the door open to the continuation of the rally for the time being. Against this, the next hurdle of note comes in at the 2018 high just below the $77.00 mark per barrel (October 2018).