Crude Oil Futures: Rebound likely very near-term

Open interest in Crude Oil prices dropped for the second session in a row on Thursday, this time by around 21.6K contracts according to preliminary readings from CME Group. In the same line, volume shrunk by around 216.4K contracts after two daily advances in a row.

WTI now targets the $67.00 mark

Prices of the WTI extended the leg lower for yet another session on Thursday, finding contention around the $61.70 region. The move, however, was on the back of shrinking open interest and volume, allowing for an imminent change of direction in prices. Against this, the May’s peak near the $67.00 mark per barrel now emerges as the next hurdle of note in the short-term.