CME Group’s flash data for crude oil futures markets noted traders added around 35.5K contracts to their open interest positions at the end of last week, extending the uptrend in place since the beginning of the new year. Volume followed suit and went up by around 154.4K contracts.

WTI keeps looking to $85.00 near term

Friday’s strong advance in prices of the WTI came in tandem with rising open interest and volume and now favours the continuation of the current uptrend, which now navigates at shouting distance from the next target at the $85.00 mark per barrel.