Crude Oil Futures: Recovery seems unconvincing
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Considering advanced prints from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 6.1K contracts on Thursday. In the same line, volume reversed two consecutive daily builds and shrank markedly by around 108.6K contracts.
Thursday’s uptick in prices of crude oil was on the back of shrinking open interest and volume, leaving the prospects for the continuation of the rebound somewhat diminished. That said, the WTI could revisit once again recent 7-month lows near the $81.00 mark per barrel (September 8).
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