CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the second session in a row on Monday
, this time by around 27.6K contracts. In the same line, volume added to the previous daily pullback and dropped by nearly 7K contracts. WTI meets initial resistance near $88.00 WTI prices rose sharply in the second half of last week.
Friday’s uptick, however, was on the back of shrinking open interest and volume, allowing for a corrective move in the very near term. In the meantime, the $88.00 mark per barrel emerges as a decent initial up-barrier for the time being.
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