Crude Oil Futures: Further upside not ruled out

Open interest in crude oil futures markets reversed the previous drop and increased by around 16.3K contracts on Friday according to preliminary readings from CME Group, the largest single day build since September 23. Volume, in the meantime, dropped fir the second day in a row, now by nearly 52K contracts.

WTI faces the next hurdle at $93.73

Friday’s second improvement in a row in prices of the WTI was accompanied by increasing open interest, which suggests that extra gains appear on the cards in the near term. That said, the next resistance turns up at the November high at $93.73 per barrel (November 7).