Crude Oil Futures: Upside looks healthy

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Traders increased their open interest positions in crude oil futures markets for the fourth session in a row on Thursday, now by around 29.5K contracts (the largest single day build since November 11) in light of flash data from CME Group.

WTI now targets $50.00/bbl

Prices of the WTI extended the rally on Thursday against the backdrop of rising open interest. That said, the uptrend looks firm and extra gains are likely in the very near-term with the next target now on the psychological $50.00 mark per barrel.

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