Crude Oil Futures: Extra recovery remains on the table

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CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions by just 680 contracts on Wednesday, partially reversing the previous day’s build. Volume, instead, went up for the second consecutive session, now by around 128.2K contracts.

Wednesday’s corrective pullback in prices of the WTI came in tandem with shrinking open interest, suggesting that a sustained retracement appears not favoured for the time being. Against that, the weekly recovery could have further legs to go and is expected to meet initial hurdle at the $74.00 mark per barrel.

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