Crude Oil Futures: A sustained decline seems not favoured

Considering advanced prints from CME Group for crude oil futures markets, open interest dropped by around 8.7K contracts after two daily builds in a row on Thursday. In the same line, volume shrank by around 275.2K contracts.

WTI remains on track to test $100.00

Prices of WTI rose to new 2023 highs near the $95.00 region before ending the session with small losses on Thursday. The daily pullback came in tandem with diminishing open interest and volume and this exposes the continuation of the uptrend in the very near term. On the upside, the next hurdle of note emerges at the psychological $100.00 mark per barrel.