Crude Oil Futures: Further pullbacks look likely

CME Group’s advanced figures for crude oil futures markets noted open interest went up for the third straight session on Monday, this time by nearly 24K contracts. Volume followed suit and rose sharply by around 718K contracts.

WTI remains capped by $50.00

Monday’s negative performance of the West Texas Intermediate was in tandem with rising open interest and volume, allowing for the continuation of the downtrend, at least in the very near-term. On the upside, the psychological $50.00 mark per barrel keeps limiting the upside for the time being.