Crude Oil Futures: Further upside seems unlikely

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions for the fourth session in a row on Thursday, this time by around 18.3K contracts. In the same line, volume went down for the second straight session, now by around 109.1K contracts.

WTI: Upside remains capped by the 200-day SMA

Prices of WTI resumed the uptrend on Thursday. However, the uptick came amidst shrinking open interest and volume and exposes a potential correction in the very near term. So far, the key 200-day SMA, today at $76.82, continues to cap occasional bullish attempts of the commodity.