Crude Oil Futures: Extra pullbacks not favoured

Open interest in crude oil futures markets dropped for the third consecutive session on Monday, now by around 9.2K contracts according to preliminary readings from CME Group. In the same direction, volume went down for the third straight session, this time by around 397.5K contracts.

WTI: Gains appear limited around $88.00

Prices of WTI rose to new highs just past $88.00 mark per barrel before closing Monday’s session with modest losses. The daily pullback, however, was accompanied by shrinking open interest and volume and suggests that a more sustained retracement in the commodity now seems not favoured for the time being.