Crude Oil Futures: Further decline not favoured

Considering preliminary readings from CME Group for crude oil futures markets, traders scaled back their open interest positions for the third straight session on Monday, now by around 13.2K contracts. Volume, instead, went up by around 112.5K contracts, reversing two consecutive daily drops.

WTI met support near $93.00

Monday’s pullback in prices of the WTI was in tandem with shrinking open interest, removing some strength from the prospects of a deeper retracement in the very near term. That said, the $93.00 region still appears as a decent contention for the time being.