CME Group’s flash data for crude oil futures markets noted open interest increased by around 12.7K contracts after four consecutive daily pullbacks. In the same line, volume reverses three drops in a row and rose by just 950 contracts.

WTI faces some consolidation near term

Monday’s negative price action in WTI was accompanied by rising open interest and volume, leaving the door open to further retracement in the very near term. That said, the $70.00 mark per barrel still emerges as the next contention area.