CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions for the second straight session at the beginning of the week, now by around 12.7K contracts. Volume, on the other hand, went up by around 18.4K contracts.

WTI points to further consolidation near term

Prices of the WTI traded on the defensive on Monday. The downtick, however, was on the back of declining open interest and leaves the door open to a near-term bounce. So far, the April high at $81.75 emerges as the immediate up-barrier for the commodity for the time being.