Crude Oil Futures: Door open to extra gains near term

Open interest in crude oil futures markets shrank for the second straight session on Monday, now by around 10.5K contracts according to preliminary readings from CME Group. Volume, instead, resumed the uptrend and rose by around 9.7K contracts.

WTI: Upside seems capped above $83.00

Monday’s losses in WTI prices came in tandem with diminishing open interest, which removes some strength from the prospect for further decline in the very near term. So far, the 2023 top at $83.49 (April 12) continues to limit the upside for crude oil bulls.