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Crude Oil Futures: Upside lacks strength
Advanced prints from CME Group for crude oil futures markets noted investors trimmed their open interest positions for the second straight session on Friday, now by nearly 12K contracts. Volume followed suit and added around 58.3K contracts to the previous retracement.
WTI could revisit $81.20
Prices of the WTI edged higher for the second session in a row on Friday. The rebound, however, was on the back of shrinking open interest and volume, hinting at the idea that further upside could lack sustainability in the very near term at least. That said, the WTI could attempt another challenge of the multi-month lows at $81.20 (September 8).
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