Crude Oil Futures: Correction is long overdue

Open interest and volume in Crude Oil futures went down by around 10.1K contracts and around 368.6K contracts, respectively, on Monday according to flash data from CME Group.

WTI now targets the 200-day SMA around $45.00/bbl

The barrel of WTI advanced further and closed just above the key $40.00 mark at the beginning of the week against the backdrop shrinking open interest and volume. That said, while a move to the 200-day SMA at $45.00 remains on the cards, further gains are not sustainable in the near-term.