Crude Oil Futures: Further retracement loses momentum

CME Group’s preliminary readings for crude oil futures markets noted open interest dropped for the second straight session on Monday, this time by around 6.7K contracts. On the other hand, volume reversed two daily drops in a row and went up by around 185.6K contracts.

WTI remains supported near $65.00

Prices of the WTI briefly dropped to sub-$66.00 levels on Monday, just to rebound soon afterwards. The negative price action was amidst shrinking open interest, which is indicative that a deeper/sustained pullback appears out of favour. In the meantime, the $65.00 area emerges as a decent contention for the time being.