Crude Oil Futures: Selling pressure loses traction

Open interest in crude oil futures markets shrank for the second session in a row on Thursday, this time by around 8.3K contracts according to preliminary readings from CME Group. In the same line, volume went down by around 206.6K contracts after two consecutive daily builds.

WTI: Recovery targets $90.00 and above

Thursday’s drop in prices of the WTI was on the back of shrinking open interest and volume, hinting at the idea that a deeper retracement is out of favour for the time being. Against that, bullish attempts should re-target the recent tops past the $90.00 mark per barrel.