CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the third consecutive session at the beginning of the week, now by around 11.6K contracts. In the same direction, volume shrank for the third session in a row, this time by around 208.5K contracts.

WTI re-targets the $75.00 region

WTI prices kicked off the new trading week on the back foot amidst shrinking open interest and volume. Against that backdrop, the likelihood of further weakness appears diminished and could pave the way for a potential challenge of the June high near the $75.00 mark per barrel.