Crude Oil Futures: Extra gains appear capped

Open interest in Crude Oil futures markets reversed two consecutive daily builds and went down by around 6.2K contracts on Monday according to preliminary readings from CME Group. On the other hand, volume ticked higher by around 33.7K contracts following two drops in a row.

WTI capped around $40.00/bbl

Monday’s uptick in prices of the barrel of West Texas Intermediate was amidst shrinking open interest, suggesting that further upside remains limited around the key barrier at the $40.000 mark.