Crude Oil Futures: Upside seen losing momentum

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by nearly 13.5K contracts on Monday. In the same line, volume reversed two consecutive daily builds and decreased by almost 88K contracts.

WTI still targets $40.00/bbl

Prices of the barrel of WTI edged higher on Monday against the backdrop of diminishing open interest and volume. That said, while a correction lower is overdue, the short-term target remains at the key $40.00 mark per barrel.