Crude Oil Futures: A sustained drop seems not favoured

Considering advanced prints from CME Group for crude oil futures markets, open interest resumed the downtrend on Monday, shrinking by nearly 10K contracts and reversing the previous daily build. Volume followed suit and dropped for the second session in a row, this time by around 61.6K contracts.

WTI: Immediately to the upside comes the $90.00 mark

Prices of WTI extended the corrective knee-jerk on Monday. The downtick was accompanied by declining open interest and volume and removes strength from a potential continuation of the downward bias in the very near term. In the meantime, the weekly peak near the $90.00 mark per barrel continues to cap the upside.