Crude Oil Futures: Corrective decline could run out of steam

CME Group’s flash data for crude oil futures market noted traders reduced their open interest positions by almost 4K contracts at the beginning of the week, reversing two consecutive daily builds. Volume followed suit and shrank by around 283.3K contracts following Friday’s build.

WTI: Gains appear limited near $93.00

Monday’s pullback in prices of the barrel of WTI was amidst shrinking open interest and volume, removing some strength from extra retracement in the very near term. So far, occasional bullish moves in the commodity face a decent resistance around monthly tops near $92.60.