Crude Oil Futures: A deeper decline appears unlikely

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the second day in a row on Friday, this time by around 9.3K contracts. In the same line, volume dropped by around 79.4K contracts, partially reversing the previous build.

WTI: Immediately to the upside comes $83.32

Friday’s downtick in prices of the WTI was in tandem with shrinking open interest and volume, exposing the probability of a short-term rebound. That said, the next hurdle of note for the commodity comes at the so far December peak at $83.32 (December 1).