Open interest in crude oil futures markets rose for the second straight session on Monday, this time by around 27.5K contracts. Volume, instead, remained choppy and went down by around 103.2K contracts.

WTI: Upside appears capped by $83.50

Monday’s marked retracement in prices of the WTI was in tandem with rising open interest and a sharp decline in volume. Against that backdrop, prices of the commodity seem to be in the early stages of a potential consolidative phase. On the upside, the 2023 high near $83.50 (April 12) continues to limit the upside for the time being.