Crude Oil Futures: Diminishing odds for extra gains

CME Group’s advanced figures for crude oil futures markets shrunk for the second session in a row on Monday, now by nearly 16.8K contracts. In the same direction, volume went down by around 101.7K contracts, reaching the second consecutive drop.

WTI faces strong resistance above $29.00

Prices of the WTI extended the rally at the beginning of the week. However, declining open interest and volume noted the presence of short covering behind the advance, leaving the upside somewhat capped by the key barrier just above the $29.00 mark per barrel.