Crude Oil Futures: A deeper retracement seems not favoured

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions for the second session in a row on Thursday, this time by nearly 3K contracts. In the same line, volume shrank by around 9.1K contracts after two daily pullbacks in a row.

WTI: Upside remains capped by $74.00

Thursday’s daily decline in prices of the WTI came along declining open interest and volume, hinting at the idea that a deeper correction seems out of favour for the time being. On the upside, in the meantime, gains remain limited by the $74.00 region per barrel.