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Crude Oil Futures: Scope for further upside

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Open interest in crude oil futures markets dropped for the fifth consecutive session on Monday, this time by around 6.2K contracts according to preliminary readings from CME Group. Volume followed suit and shrank by nearly 161K contracts, setting aside the previous daily build.

WTI still targets weekly lows near $73.00

WTI prices started the week on the back foot and returned to the $70.00 zone following an earlier move to the vicinity of $72.00. The daily pullback was accompanied by shrinking open interest and volume and leaves the door open to the resumption of the recovery in the very near term and with the immediate hurdle at the weekly high near the $73.00 mark per barrel (June 21).

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