Considering preliminary readings from CME Group for crude oil futures markets, traders added nearly 1K contracts to their open interest positions on Wednesday, reaching the second build in a row. On the other hand, volume went down by just 517 contracts after five consecutive daily advances.

WTI faces decent resistance around $111.00

Wednesday’s uptick in prices of the WTI was on the back of a small gain in open interest. That said, the continuation of the rebound continues to target the May peaks just above the $111.00 mark per barrel, while sellers are expected to meet initial contention around the $98.00 region.