Crude Oil Futures: Upside remains limited

CME Group’s flash data for crude oil futures markets saw traders scale back their open interest positions by nearly 5K contracts on Thursday, extending the downtrend for yet another session. Volume followed suit at dropped for the second straight session, now by around 51.2K contracts.

WTI could revisit the April low near $92.00

Prices of the WTI traded with decent gains on Thursday. The move, however, was on the back of diminishing open interest and volume and leaves the door open to further decline in the very near term. Against that, the April low around $92.00 emerges as the next target of note for bears.