According to flash data from CME Group for crude oil futures markets, traders scaled back their open interest positions for the second session in a row at the beginning of the week, this time by just 951 contracts. Volume, instead, reversed three consecutive daily pullbacks and advanced by nearly 11.8K contracts.

WTI STILL LOOKS TO $60.00

The rally in WTI remains well and sound. Monday’s advance to levels past the $58.00 mark was amidst shrinking open interest and is indicative that the upside momentum could be losing some vigour. That said, the $60.00 mark per barrel still emerges as the next key target for crude oil bulls.