Crude Oil Futures: Decline could lose traction near term

Considering preliminary readings from CME Group for crude oil futures markets, traders scaled back their open interest positions for the second session in a row on Friday, now by nearly 13K contracts. Volume followed suit and dropped by almost 295K contracts.

 WTI remains supported near $95.00

Prices of the WTI remained on the defensive at the end of last week amidst shrinking open interest and volume. That said, further downside looks unlikely in the very near term, while the $95.00 region still emerges as a decent contention.