Crude Oil Futures: Extra gains look limited

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 6.5K contracts at the end of last week, reaching the fourth consecutive daily pullback. In the same line, volume shrank for the third straight session, this time by around 223.6K contracts.

WTI appears supported near $70.00

Friday’s positive price action in WTI was accompanied by shrinking open interest and volume, noting the presence of short covering behind the recent upside. That said, extra gains are not favoured in the very near term at least, while the $70.00 mark per barrel emerges as the immediate support.