Crude Oil Futures: A near-term rebound seems in store

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CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second day in a row on Thursday, this time by nearly 14K contracts. On the other hand, volume trimmed part of the previous marked build and dropped by around 724.8K contracts.

Prices of the WTI charted an irresolute session amidst marginal gains, all after bottoming out near the $65.00 mark once again on Thursday. The move was on the back of rising open interest, which suggests the probability of a bounce in the very near term. So far, the commodity appears well underpinned around the $65.00 region per barrel.

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