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CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions by around 9.5K contracts on Monday, reaching the second build in a row. In the same direction, volume rose markedly by around 644.1K contracts.

WTI now looks to $42.00/bbl

Prices of the barrel of WTI moved beyond the $41.00 mark on Monday albeit closed in the sub-$40.00 area amidst rising open interest and volume. That said, the ongoing recovery carries the potential to target October’s peaks in the boundaries of the $42.00 mark in the very near-term (October 20).