Future Analysis of Crude Oil Markets

For the second session in a row, open interest in crude oil futures markets increased on Monday—this time by almost 27.5K contracts. Instead, volume remained choppy and decreased by around 103.2K contracts.

West Texas Intermediate (WTI): Upward seems to be limited at $83.50

West Texas Intermediate (WTI) prices saw a significant retreat on Monday, which coincided with increased open interest and a dramatic drop in volume. In light of this, the commodity's prices appear to be beginning a potential phase of consolidation. 2023 high at $83.50 (April 12) continues to temporarily impose a ceiling on the upside.