Crude Oil Futures: Extra gains lack conviction

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 1.6K contracts at the beginning of the week, extending the downtrend for the seventh session in a row. On the other hand, volume reversed the previous drop and went up by nearly 158K contracts.

WTI: Initial up barrier comes near $115.00

Prices of the WTI extended the upside on Monday well north of the $110.00 mark per barrel. The strong bounce was amidst shrinking open interest, however, removing some strength from prospects for further upside in the very near term. That said, the immediate resistance remains at the $114.85 level (March 10 high).