Crude Oil Futures: Upside momentum could be losing traction

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Open interest in crude oil futures markets left behind three consecutive daily builds and shrank by around 5.5K contracts on Thursday considering advanced prints from CME Group. In the same line, volume dropped for the second session in a row, this time by around 215.1K contracts.

Prices of the barrel of the WTI resumed the uptrend on Thursday and managed to close the session just above the key $80.00 mark. The move, however, was amidst shrinking open interest and volume, which hints at the idea that further upside could be running out of steam.

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