Crude Oil Futures: Upside appears limited

Open interest in crude oil futures markets shrunk by around 47.4K contracts on Thursday in light of flash data from CME Group. In the same line, volume went down for the second day in a row, this time by around 77.8K contracts.

WTI faces strong resistance at $30.00/bbl

Prices of the WTI climbed to multi-week highs in the $28.00 area per barrel on Thursday. However, shrinking open interest and volume noted the presence of short covering behind the move. That said, further upside could be losing traction while there is a tough resistance in the $30.00 mark.