Crude Oil Futures: Pullbacks look limited

In light of preliminary readings from CME Group for Crude Oil futures markets, open interest shrunk by around 20.3K contracts on Thursday, resuming the downside. In the same line, volume went down for the second straight session, now by around 126.1K contracts.

WTI looks supported near $57.50

Prices of the WTI face some increased volatility in response to the Suez Canal jam. Thursday’s downtick was amidst declining open interest and volume, allowing for a potential rebound in the very near-term. In the meantime, recent price action showed decent contention in the $57.50 mark per barrel.