Crude Oil Futures: Extra gains unlikely

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the fourth session in a row on Friday, now by around 15.3K contracts. On the other hand, volume reversed two daily drops in a row and went up by more than 150K contracts.

WTI: Next on the upside comes $72.00

Prices of the barrel of WTI reclaimed the key $70.00 region on Friday, extending the recovery for the third straight session at the same time. The improvement in prices, however, was amidst shrinking open interest, removing some strength from the continuation of the rebound in the very near term. Immediately to the upside still emerges the weekly high around $72.70 (June 21).