Range Markets

Traders trimmed their open interest positions in Crude Oil futures markets by more than 5K contracts on Thursday, according to advanced readings from CME Group. Volume, instead, reversed the previous drop and rose by around 156.3K contracts.

WTI does not rule out a test of $43.00 and above

Prices of the barrel of WTI drifted lower on Thursday. The negative price action, however, was amidst diminishing prices, leaving the downside somewhat contained for the time being. That said, a move higher to the 200-day SMA in the $43.30 zone should not be ruled out in the short-term horizon.

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