Crude Oil Futures: Correction short-lived?

CME Group’s advanced readings for crude oil futures markets noted open interest shrunk for the first time since May 21, this time by around 16.8K contracts. On the other hand, volume went up for the second straight session, now by around 20.6K contracts.

WTI keeps looking to $70.00

Following 2021 highs near the $70.00 mark, prices of the West Texas Intermediate charted an inconclusive session on Monday. The move was accompanied by shrinking open interest, which hints at the idea that a deeper correction is not favoured at least in the very near-term. Against this, the $70.00 mark per barrel remains the key target on the upside.