Crude Oil Futures: Further upside seems not favoured

Open interest in crude oil futures markets dropped for the third session in a row on Friday, this time by around 23.4K contracts according to preliminary readings from CME Group. Volume, on the other hand, resumed the uptrend and went up by nearly 10K contracts.

WTI: Gains appear capped around $85.00

Prices of WTI extended the rebound during the second half of last week amidst shrinking open interest, which hints at the idea that further rebound might not be favoured in the very near term. In the meantime, occasional bullish attempts remain limited around the 2023 highs near the $85.00 mark per barrel.