Crude Oil Futures: Upside appears limited

CME Group’s advanced figures for Crude oil futures markets noted traders reduced their open interest positions by around 16.7K contracts on Monday, reversing at the same time six consecutive daily builds. Volume, instead, increased by around 118.5K contracts after four straight drops.

WTI does not rule out a move to $43.00

Monday’s uptick in prices of the WTI was in tandem with shrinking open interest, leaving the upside somewhat limited. That said, a move to recent tops in the $43.00 area per barrel remains on the cards ahead of some correction lower.