Crude Oil futures: Further upside looks limited

Open interest in Crude Oil futures markets retreated by around 3.3K contracts on Monday following two consecutive builds, in light of preliminary readings from CME Group. In the same line, volume shrunk for the third session in a row, this time by almost 77K contracts.

WTI: Upside capped by $43.50

Monday’s positive performance of prices of the WTI was accompanied by diminishing open interest and volume, hinting at the idea that extra gains appears somewhat capped in the very near-term. That said, the area of 5-month tops around $43.50 still emerges as the key target on the upside.

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