Crude Oil Futures: A deeper retracement looks not favoured

Considering preliminary readings from CME Group for crude oil futures markets, investors trimmed their open interest positions by more than 14K contracts on Thursday after three daily builds in a row. Volume followed suit and dropped by around 4.1K contracts.

WTI approaches the $95.00 region

Prices of the WTI extended the leg lower on Thursday amidst shrinking open interest and volume, indicative that a deeper drop appears not favoured at least in the very near term. In the meantime, the next support of relevance emerges at the March low at $93.51 (March 15).