Crude Oil Futures: Extra upside could lose some traction

Considering advanced prints from CME Group for crude oil futures markets, open interest remained choppy and shrank by just 875 contracts on Monday. Volume, instead, reversed two consecutive daily drops and increased by around 147.8K contracts.

WTI: Next on the upside comes $90.00 and above

Monday’s strong uptick in prices of the WTI came in tandem with a small drop in open interest, which could remove some strength from the bullish attempt. In the meantime, the continuation of the bounce is expected to meet the next hurdle at the September high at $90.37 (September 5).