Crude Oil Futures: Further consolidation in store near term
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CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for yet another session on Monday, this time by around 16.8K contracts. On the other hand, volume reversed three daily drops in a row and went up by around 137.3K contracts.
WTI prices started the week on a positive foot and managed to close the session above the key $90.00 mark per barrel. The move was amidst shrinking open interest and suggests the extra gains appear not favoured for the time being. In the meantime, bullish attempts in the commodity remain capped by the weekly high around $95.00 (August 11).
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