Crude Oil Futures: Scope for further decline

Advanced prints from CME Group for crude oil futures markets noted investors trimmed their open interest positions for the third straight session on Friday, this time by around 2.7K contracts. In the same line, volume shrank by 188K contracts after three consecutive daily pullbacks.

WTI: Initial support emerges at $101.50

Prices of the barrel of WTI attempted a rebound following two sessions trading with losses on Friday. The move was amidst shrinking open interest and volume, hinting at the idea that further gains lack conviction in the very near term at least.