Crude Oil Futures: Upside seen limited

CME Group’s preliminary figures for Crude Oil futures markets noted traders trimmed their open interest positions by around 7.7K contracts on Wednesday, reversing two builds in a row at the same time. Volume, instead, went up for the second straight session, this time by around 33.3K contracts.

WTI targets monthly peaks at $43.50

Prices of the WTI edged higher on Wednesday, closing above the $42.00 mark per barrel. The uptick, however, was amidst diminishing open interest, hinting at the idea that further upside appears somewhat limited. That said, the next target remains at the monthly tops at $43.50 (August 5).

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