CRUDE OIL FUTURES: FURTHER UPSIDE IN THE PIPELINE

Considering flash data from CME Group for crude oil futures markets, traders added around 1.4K contracts to their open interest positions on Monday, reaching the fourth consecutive daily build. Volume, instead, extended the downtrend and went down by around 79.4K contracts.

WTI: INITIAL TARGET COMES AT $100.00 AHEAD OF $104.00

Prices of the WTI rose for the second session in a row at the beginning of the week amidst the continuation of the uptrend in open interest, which should be supportive of further recovery in the very near term. Immediately to the upside comes the psychological $100.00 hurdle ahead of the weekly top at $104.44 (July 19).