Crude Oil Futures: Rebound picks up pace

Traders scaled back their open interest positions in Crude Oil futures markets by around 13.1K contracts following three builds in a row on Friday, in light of flash data from CME Group. In the same line, volume went down for the second session in a row, this time by around 39.2K contracts.

WTI still appears capped by $44.00/bbl

Prices of the West Texas Intermediate extended the consolidative fashion for yet another session on Friday amidst shrinking open interest and volume. Further decline now looks unlikely in the very near-term, while last week’s multi-month tops around $43.50 per barrel keeps limiting the upside for the time being.