Crude Oil Futures: Upside is seen as short-lived

CME Group’s preliminary readings for crude oil futures markets noted open interest shrunk for the fifth consecutive session, this time by almost 24.8K contracts. In the same direction, volume went down for the second straight session, now by around 41.7K contracts.

WTI targets the $40.00 mark and above

The WTI edged higher on Thursday, although amidst declining open interest and volume, which should be supportive of a near-term correction. That said, the key barrier at the $40.00 mark per barrel remains a tough resistance for the time being, helped by the proximity of the overbought territory (as per the daily RSI).