Crude Oil Futures: Further decline stays in the pipeline

Traders trimmed their open interest positions by nearly 4.5K contracts on Thursday, reversing at the same time two consecutive builds, according to flash data from CME Group. Volume, instead, went up markedly by nearly 1.03M contracts.

WTI stays under pressure and could re-test YTD lows

Prices of the barrel of WTI are attempting a consolidative phase so far this week. Thursday’s pullback was in tandem with shrinking open interest and a moderate build in volume, opening the door to a potential continuation of the rangebound theme, although a test of 2020 lows should not be discarded.