Crude Oil Futures: Rebound looks likely near-term

Open interest in crude oil futures markets shrunk by nearly 53K contracts at the end of last week, according to advanced readings from CME Group. On the other hand, volume increased markedly by around 221.6K contracts, adding to the previous build.

WTI re-targets the $62.00 mark

Friday’s negative price action in WTI was amidst diminishing open interest, indicative that further pullbacks are not favoured in the very near-term. Against this, the YTD highs beyond the $62.00 mark per barrel now emerge as the next target of relevance for the time being.