CME Group’s flash data for crude oil futures markets noted traders added around 28.3K contracts to their open interest positions on Monday, extending further the ongoing uptrend. Volume, instead, kept the erratic activity and dropped by around 115.1K contracts following the previous daily build.

WTI looks supported near $72.00

Monday’s bounce off new YTD lows in prices of the WTI was on the back of increasing open interest, which is indicative that further recovery appears favoured in the very near term. There is an interim hurdle at the 55-day SMA at $77.45, while the vicinity of the $72.00 mark per barrel emerges as a decent support zone for the time being.