CME Group’s flash data for crude oil futures markets noted traded scaled back their open interest positions by around 6.6K contracts at the beginning of the week, extending the downtrend in place since April 7. In the same line, volume dropped for the third consecutive session, now by around 203.8K contracts.

WTI faces the next hurdle at $116.00

Monday’s uptick in prices of the WTI was fuelled by short covering, as noted by shrinking open interest and volume. That said, further upside looks unlikely in the very near term at least, while bulls are expected to meet the next resistance of note at the late March peaks around the $116.00 mark per barrel (March 24).