Crude Oil Futures: More Gains Possible

According to CME Group's flash statistics for crude oil futures markets, traders reduced their open interest holdings for the third consecutive session at the start of the week, now by around 11.6K contracts. Volume fell for the third session in a row, this time by about 208.5K contracts, in the same direction.

WTI is re-targeting the $75.00 level

WTI prices began the new trading week on the back foot, as open interest and volume shrank. Against that context, the chance of additional decline looks reduced, perhaps paving the way for a challenge to the June high near $75.00 per barrel.