Crude Oil Futures: Rebound could run out of steam

In light of preliminary figures from CME Group for crude oil futures markets, open interest shrank for yet another session on Monday, this time by more than 19K contracts. On the other hand, volume resumed the upside and increased by nearly 121K contracts.

WTI re-focuses on $70.00

Prices of the WTI seem to have met strong support in the $62.00 area, sparking a moderate recovery to the area above the $65.00 yardstick at the beginning of the week. The move was on the back of shrinking open interest, pouring some cold water over expectations of a more serious rebound. On the upside, in the meantime, the next strong barrier emerges at the $70.00 mark per barrel.