Crude Oil Futures: Potential rebound on the cards

CME Group’s flash data for crude oil futures markets noted open interest dropped for the third session in a row at the end of last week, this time by nearly 5K contracts. Volume followed suit and went down by around 84.1K contracts.

WTI: Next on the upside comes $93.62

Friday’s strong pullback in prices of the WTI was against the backdrop of shrinking open interest and volume, suggesting that a near-term rebound is in the offing. Against that, bulls now face the next up barrier at the October top at $93.62 per barrel (October 10).