Crude Oil Futures: Corrective move in the pipeline

Considering preliminary readings from CME Group for crude oil futures markets, open interest dropped for the second session in a row, this time by around 18.8K contracts on Monday. In the same line, volume went down by around 397.7K contracts after three consecutive daily builds.

WTI: All eyes point to $100.00/bbl

The rally in crude oil prices remains everything but abated. Monday’s uptick, however, was on the back of shrinking open interest and volume, indicative that the continuation of the uptrend could take a breather in the very near term. The current overbought condition of the commodity also underpins that view. In the meantime, it seems that a test of the key $100.00 mark per barrel is a question of when rather and if.