Thursday’s continuation of the weekly recovery in prices of WTI was against the backdrop of shrinking open interest and volume, which removes strength from further gains in the very near term.
Open interest in crude oil futures markets resumed the downtrend on Thursday, this time declining by around 11.6K contracts. Volume followed suit and shrank by around 41.6K contracts following a sharp daily build.
WTI: Near-term top remains around $72.60
Thursday’s continuation of the weekly recovery in prices of WTI was against the backdrop of shrinking open interest and volume, which removes strength from further gains in the very near term. So far, the immediate target on the upside remains at the weekly high near $72.70 (June 21).
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