Crude Oil Futures: A deeper pullback looks not favoured

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the fourth session in a row on Monday, now by around 28.3K contracts. Volume followed suit and retreated by around 125.7K contracts, reversing the previous daily build.

WTI: Initial support emerges just below $79.00

Monday’s marked pullback in WTI prices was accompanied by shrinking open interest and volume. Against that, the likelihood of a deeper retracement seems not favoured in the very near term. In the meantime, bouts of weakness are expected to meet contention around monthly lows in the sub-$79.00 region.