Crude Oil Futures: Extra gains unlikely near term
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CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 2.6K contracts after four consecutive daily builds on Friday. In the same line, volume reversed three straight daily advances and went down by nearly 450K contracts.
Friday’s bounce in prices of WTI was amidst shrinking open interest and volume, removing strength from the continuation of the rebound at least in the very near term. That said, the commodity is likely seen maintaining the current consolidation range for the time being. Gains, in the meantime, appear limited above the $74.00 mark per barrel so far.
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