Crude Oil Futures: A deeper pullback looks unlikely

CME Group’s flash data for crude oil futures markets saw traders scaled back their open interest positions by around 18.4K contracts on Wednesday. Volume followed suit and shrank by around 223.5K contracts.

WTI: Recovery targets the $70.00 mark

Prices of the WTI extended the weekly knee-jerk on Wednesday. The move, however, was in tandem with shrinking open interest and volume, which is indicative that further decline looks not favoured for the time being. In the meantime, bullish attempts continue to target the key $70.00 mark per barrel, which also coincides with the 200-day SMA.