Crude Oil Futures: Further upside unlikely near term

Open interest in crude oil futures markets shrank for the third consecutive session on Wednesday, now by around 4.3K contracts according to preliminary readings from CME Group. Volume, instead, increased for the second session in a row, this time by around 63.1K contracts.

WTI: Another drop to $80.00 should not be ruled out

WTI prices rebounded markedly after three consecutive daily pullbacks on Wednesday. The bounce in prices of the commodity was amidst shrinking open interest, indicating that the continuation of the recovery could face some headwinds in the very near term. On the downside, the key contention emerges at the $80.00 mark per barrel for the time being.