Crude Oil Futures: Deeper pullback looks unlikely

CME Group’s preliminary readings noted traders trimmed their open interest positions in crude oil futures markets by around 1.5K contracts at the end of last week. Volume, in the same line, shrank by the most since August 20, now by around 246.5K contracts.

WTI stays capped by $70.00

Prices of the West Texas Intermediate retreated on Friday against the backdrop of shrinking open interest and volume, hinting at the idea that further downside appears not favoured in the very near term. In the meantime, the $70.00 mark per barrel continues to emerge as a tough resistance for WTI for the time being.