Crude Oil Futures: Rally loses momentum

Traders scaled back their open interest positions by almost 5.4K contracts on Friday, reaching the second drop in a row in light of preliminary figures from CME Group. In the same direction, volume extended the downtrend for the third consecutive session, this time by nearly 86K contracts.

WTI looks beyond $30.00/bbl

Prices of the WTI keep edging higher on Monday, finally managing to surpass the critical hurdle at the $30.00 mark per barrel. However, shrinking open interest and volume could undermine the current rally and trigger a near-term correction.