Crude Oil Futures: Cautiousness seems to prevail near term

CME Group’s advanced prints for crude oil futures markets noted traders scaled back their open interest positions for the second session in a row on Friday, this time by around 1.8K contracts. In the same line, volume retreated by nearly 321K contracts, partially reversing the previous build.

WTI keeps targeting the 2021 highs

The recovery in prices of the WTI looks firm so far. However, Friday’s uptick was amidst shrinking open interest and volume, which is indicative that further advance is out of favour in the very near term. Looking at the broader picture, the constructive view of the commodity still looks to retest the 2021 highs near the $77.00 mark per barrel in the near term.