Crude Oil Futures: Further gains not favoured

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for yet another session on Monday, now by around 9.1K contracts. Volume followed suit and retreated for the third consecutive session, this time by around 47.8K contracts.

WTI: Another test of $75.00 appears likely

Prices of the barrel of WTI started the week on a positive foot. Monday’s gains, hovered, came on the back of shrinking open interest and volume, hinting at the view that further upside does not look favoured in the very near term. That said, there is scope for another drop to the November lows near $75.00 (November 8).