Crude Oil Futures: Further gains not favoured

CME Group’s preliminary readings for crude oil futures markets noted open interest and volume diminished by around 28.7K contracts and by nearly 224.8K contracts, respectively, on Thursday.

WTI faces the next resistance at $43.75

Crude oil prices closed above the $40.00 mark per barrel on Thursday, leaving behind at the same time the key 200-day SMA. However, shrinking open interest and volume hint at the idea that further gains look unfavoured in the very near-term. On the upside, WTI faces the next relevant level at the August’s peak at $43.75.