CME Group’s flash data for crude oil futures markets noted open interest prolonged the erratic activity and went down by more than 15K contracts on Thursday. Volume followed suit and decreased sharply by around 142.6K contracts following three consecutive daily builds.
Prices of the WTI meets contention near the $39.80 region so far this week. Thursday’s positive price action, however, was amidst shrinking open interest and volume, leaving the topside somewhat limited and the door open for extra consolidation in the near-term and always around the key $40.00 mark per barrel.