Crude Oil Futures: Further downside not favoured

Considering preliminary readings from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 3.5K contracts after two consecutive daily pullbacks on Thursday. Volume, instead, went up for the second session in a row, now by almost 30K contracts.

WTI now retargets $114.00

Wednesday’s corrective downside in prices of the WTI was against the backdrop of diminishing open interest, which is indicative that extra losses appear not favoured in the very near term. That said, the commodity could attempt another visit to the weekly high at $114.00 per barrel.