Crude Oil Futures: Extra recovery in the pipeline

Open interest in crude oil futures markets rose for the fifth consecutive session at the beginning of the week, this time by more than 11K contracts. Volume, in the same direction, reversed two consecutive daily pullbacks and rose by around 167.8K contracts.

WTI initially targets the 200-day SMA ahead of $80.00

WTI prices extended the rebound to the boundaries of the $75.00 mark per barrel on Monday amidst increasing open interest and volume. Against that, further gains remains in store in the very near term with the immediate target at the 200-day SMA at $79.17 ahead of the key $80.00 mark per barrel.