Crude Oil Futures: Further decline appears unlikely

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the third consecutive session on Thursday, this time by around 4.3K contracts. On the other hand, volume reversed three straight daily drops and went up by around 53.5K contracts.

WTI: Next support emerges near $76.00

Prices of the barrel of the WTI extended the weekly correction on Thursday. The third daily decline in a row, however, came amidst shrinking open interest and hints at the idea that a deeper pullback looks out of favour in the very near term. In the meantime, the commodity faces decent contention around the $76.00 region per barrel.