Crude Oil Futures: Further upside not ruled out
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Considering preliminary readings from CME Group for crude oil futures markets, traders reduced their open interest for the fourth consecutive session on Monday, this time by around 8.4K contracts. Volume followed suit and shrank for the third session in a row.
Prices of the WTI navigated a volatile session on Monday and closed with modest losses around the $85.00 mark per barrel. The downtick was on the back of shrinking open interest and volume and could allow for a near term rebound, although the upside appears limited around the $90.00 yardstick for the time being.
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