Crude Oil Futures: Further retracement looks unlikely

CME Group’s preliminary readings for Crude Oil futures markets noted traders scaled back their open interest positions for the fourth consecutive session on Thursday, now by around 52.8K contracts, the largest single day drop since February 19. Volume, on the other hand, rose sharply by nearly 665K contracts, reaching the fourth build in a row and the largest daily build since January 4.

WTI: Rebound on the cards?

Prices of the WTI plummeted near 8% on Thursday, recording new 5-week lows near the $58.00 mark. The strong pullback, however, was amidst the continuation of the downtrend in open interest, allowing for a rebound in the very near-term and leaving out of favour a deeper decline.