Crude Oil Futures: A deeper pullback loses momentum

Traders scaled back their open interest positions by more than 18K contracts at the end of last week, noted preliminary figures from CME Group. In the same line, volume shrank for the second session in a row, this time by around 155.7K contracts.

WTI could slip back to $65.00

Friday’s downtick in prices of the WTI was amidst diminishing open interest and volume, hinting at the idea that further losses could be running out of steam. Against this, there is a moderate support around July/August lows near the $65.00 mark per barrel.