Crude Oil Futures: Further retracement looks short-lived

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 5.5K contracts on Wednesday, recording the first daily drop since the beginning of the year. Volume extended the erratic performance and went up by around 26.3K contracts.

WTI now looks to $90.00 and above

Following new tops past the $87.00 mark per barrel, the WTI closed Wednesday’s session in the red territory amidst shrinking open interest. Against that, occasional bouts of weakness are seen as temporary and corrective only. The resumption of the uptrend should target the round level at $90.00 in the relatively short-term horizon.