Crude Oil Futures: Looks neutral/bearish near term

CME Group’s flash data for crude oil futures markets saw open interest rise by nearly 6K contracts on Monday. Volume followed suit and went up by almost 8K contracts after two consecutive daily drops.

WTI remains side-lined around $109/$110

Monday’s inconclusive price action in WTI was in tandem with rising open interest and volume, indicative that further range bound trade would be in store for the commodity in the very near term. Occasional bullish attempts, in the meantime, remain limited around the May tops in the $115.50 region per barrel (May 17).