Crude Oil Futures: Further rangebound in the pipeline

In light of preliminary figures from CME Group for Crude Oil futures markets, traders increased their open interest positions by nearly 6.5K contracts on Monday, partially reversing the previous drop. On the other hand, volume shrunk by almost 57K contracts following three consecutive daily builds.

WTI faces initial support near $37.00/bbl

Crude oil prices ticked lower at the beginning of the week. The move in WTI was against the backdrop of the inconclusive trends in both open interest and volume, leaving the short-term neutral stance unchanged for the time being. Further declines, however, are expected to meet contention around the $37.00 mark per barrel (late June lows).