Crude Oil Futures: Corrective downside in the pipeline

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the second session in a row on Thursday, this time by around 2.8K contracts. On the other hand, volume rose by nearly 19K contracts after two daily pullbacks in a row.

WTI appears capped by the $75.00 mark

Prices of the WTI clinched new 2-week highs beyond the $73.00 mark on Thursday. The move was amidst shrinking open interest and hint at the idea that a probable leg lower could be in the offing. In the meantime, the $75.00 mark per barrel continues to cap occasional bullish attempts for the time being.