A Deeper Decline Appears Unlikely In Crude Oil Futures

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the second day in a row on Friday, this time by around 9.3K contracts. In the same line, volume dropped by around 79.4K contracts, partially reversing the previous build.

WTI immediately to the upside comes to $83.32. Friday’s downtick in prices of the WTI was in tandem with shrinking open interest and volume, exposing the probability of a short-term rebound. The next hurdle of note for the commodity comes at the so far December peak at $83.32 on December 1.

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