Crude Oil Futures: A deeper retracement appears unlikely

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the second session in a row, this time by around 7.5K contracts. On the other hand, volume increased for the third consecutive day, now by nearly 51K contracts.

WTI: Extra gains seen above $115.50

Wednesday’s marked decline in prices of the WTI was amidst the continuation of the downtrend in open interest, leaving the possibility of further losses somewhat diminished in the very near term. On the upside, crude oil faces the next hurdle at recent peaks in the $115.50 region per barrel (May 17,18).