CME Group’s advanced prints for crude oil futures markets noted traders scaled back their open interest position by around 2.5K contracts at the end of last week, reversing at the same time two consecutive daily builds. In the same line, volume resumed the downside, this time by around 215.5K contracts.
WTI SHIFTS THE ATTENTION TO 2021 HIGHS NEAR $64.00
Friday’s strong correction in prices of the WTI was against the backdrop of diminishing open interest and volume, hinting at the idea that a bounce is now on the cards in the very near-term. On the upside, the focus is now on the recent 2021 highs below the $64.00 mark per barrel (February 25).