Crude Oil Futures: Rebound could extend further

CME Group’s flash data for crude oil futures markets noted traders added just 808 contracts to their open interest positions at the beginning of the week, clinching the second daily build in a row. Volume followed suit and went up by around 207.6K contracts, reversing three daily pullbacks in a row.

WTI met initial support around $95.00

Monday’s drop in prices of the WTI tested and rebounded from the $95.00 region amidst rising open interest, which could be indicative that further recovery remains in the pipeline in the very near term. So far, initial contention has turned  up around the $95.00 region.