Crude Oil Futures: Downside looks contained

CME Group’s flash prints for crude oil futures markets noted traders scaled back their open interest positions for the first time since January 20^th on Thursday, now by nearly 5.2K contracts. Volume followed suit and went down by almost 100K contracts.

WTI: Interim support emerges around $51.50

Prices of the WTI struggles for direction following three consecutive daily pullbacks, although always within the broader multi-week consolidative fashion. Thursday’s downtick was in tandem with diminishing open interest and volume, hinting at the idea than further retracement could be short-lived. That said, the weekly lows in the mid-$51.00s should offer minor support for the time being.