Crude Oil Futures: Extra gains look contained

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 9.1K contracts on Wednesday, partially reversing the previous build. On the other hand, volume extended the choppy activity and went up by nearly 70K contracts.

WTI: Further gains look likely above the 200-day SMA

Wednesday’s gains in prices of the WTI were accompanied by declining open interest, which is indicative that the ongoing recovery could lose traction in the very near term. So far, there is a strong resistance around the 200-day SMA, today at $95.86.