CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions on Friday, now by almost 3K contracts. Volume followed suit and dropped for the second consecutive session, this time by around 131.5K contracts.
WTI: A test of $70.00 should not be ruled out
Despite WTI prices rebounded markedly at the end of last week, the bullish attempt was on the back of declining open interest and volume and leaves the door open to the continuation of the downward bias in the very near term. Against that, there are no support levels of note until the $70.00 mark per barrel.