Crude Oil Futures: A deeper pullback is not favoured

CME Group’s advanced figures for crude oil futures markets noted traders scaled back their open interest for the third straight session at the beginning of the week, this time by around 18.4K contracts. Volume, instead, rose by around 44K contracts, reversing at the same time two consecutive daily pullbacks.

WTI looks well supported around $70.00

Monday’s pullback in prices of the WTI met contention around the $70.00 mark. The move was accompanied by diminishing open interest, which removes some strength from bearish attempts in the very near term. Immediate target on the upside, in the meantime, remains at the $74.00 mark per barrel and beyond.