Crude Oil Futures: Extra gains not ruled out

Traders scaled back their open interest positions by just 205 contracts on Wednesday, according to flash data from CME Group for Crude Oil futures markets. On the other hand, volume rose significantly by around 224.3K contracts following two consecutive drops.

WTI limited around $52.00/bbl

Wednesday’s uptick in prices of the WTI was on the back of still shrinking open interest and a large build in volume. That said, while further bullish attempts should not be discarded in the short-term, the monthly high near the $52.00 mark is expected to offer a tough resistance for the time being.