According to preliminary CME Group data, open interest in crude oil futures markets fell for the third session in a row on Thursday, falling by roughly 6.7K contracts. Following suit, volume fell by roughly 101.8K contracts, extending the previous day’s decline.
WTI prices fell as low as $70.00 per barrel on Thursday, but eventually recovered to conclude the day with modest gains. Short covering, as evidenced by declining open interest and volume, encouraged the move. While more decline is not ruled out, losses are expected to be restricted for the time being by the $70.00 range./n
