Crude Oil Futures: Further gains not ruled out

According to flash data from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 7.7K contracts on Monday, reversing the previous daily build. Volume, instead, went up by around 201K contracts after four consecutive daily pullbacks.

WTI focused on $84.00 and above

After hitting fresh 2021 highs at the beginning of the week, prices of the WTI ended up in the negative territory amidst shrinking open interest. That said, a sustainable retracement appears out of favour for the time being while the commodity re-targets the $84.00 mark per barrel and above in the near term.