CME Group’s preliminary readings for crude oil futures markets noted open interest went down for the second session in a row on Monday, this time by around 11.2K contracts. On the other hand, volume went up for the third session in a row, now by nearly 31K contracts.

WTI looks to $82.00 and above

Prices of WTI briefly tested the area above the $82.00 mark at the beginning of the week, receding to the mid-$80.00s afterwards. The continuation of the rally was on the back of shrinking open interest, removing some strength from the upside at least in the very near term. That said, the immediate target now emerges at Monday’s 2021 highs just past the $82.00 mark per barrel.