Crude Oil Futures: Extra gains likely near term

CME Group’s flash data for crude oil futures markets noted traders added around 2.4K contracts to their open interest positions on Monday, partially fading the previous daily pullback. Volume, instead, shrank for the third consecutive session on Monday, now by around 172K contracts.

WTI faces minor resistance near $119.00

Monday’s improvement in prices of the WTI was in tandem with rising open interest. That said, the continuation of the recovery appears favoured in the very near term and with the immediate hurdle at $118.94 (June 17 high).