Crude Oil Futures: A deeper retracement appears not favoured

According to preliminary figures from CME Group for crude oil futures markets, investors trimmed their open interest positions for the fourth consecutive session on Wednesday, now by around 15.6K contracts. On the other hand, volume, advanced for the second consecutive day, this time by around 207.4K contracts.

WTI: Immediate up barrier emerges at $95.79                               

Tuesday’s decline in prices of the WTI was accompanied by shrinking open interest, indicative that a deeper pullback looks not favoured for the time being. Against that, crude oil prices could attempt to retest the YTD high at $95.79 per barrel (February 14).