Crude Oil Futures: Further rebound in the pipeline

Considering advanced prints from CME Group for crude oil futures markets, traders scaled back their open interest positions by just 56 contracts on Wednesday, adding to the previous day’s pullback. On the other hand, volume reversed three daily drops in a row and went up by around 26.1K contracts.

WTI trades closer to the April high

WTI prices posted strong gains on Wednesday. However, the uptick was in tandem with a small drop in open interest, which could hint at the idea that further gains could be losing some momentum. In the meantime, crude oil prices continue to target the April high past the $109.00 mark per barrel in the very near term.