Crude Oil Futures: Upside unlikely to extend further

Traders trimmed their open interest positions and volume in Crude Oil futures markets by just 663 contracts and by around 876K contracts on Thursday, respectively, in light of preliminary data from CME Group.

WTI capped by weekly highs near $21.30

Prices of the barrel of WTI remain volatile following Monday’s meltdown. Thursday’s recovery was on the back of diminishing open interest and volume, suggesting that extra gains appear somewhat limited for the time being. In this regard, Tuesday’s move to the $21.30 area could act as an interim cap in the near-term.