Crude Oil Futures: Downside looks limited

CME Group’s flash data for crude oil futures markets noted open interest reversed three builds in a row and shrunk by nearly 28.3K contracts. Volume, instead, rose by around 64.2K contracts after two straight drops.

WTI looks supported around $44.00/bbl

Prices of the WTI receded from recent tops beyond the $46.00 mark against the backdrop of shrinking open interest. That said, while a deeper pullback looks out of favour, the $44.00 mark is expected to hold occasional bearish moves in the very near-term.

 

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