Crude Oil Futures: Rebound lacks strength

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions for the third session in a row on Thursday, now by around 8.8K contracts. In the same line, volume shrank for the third straight session, this time by around 153.7K contracts.

WTI: Gains remain capped by the June top near $75.00

WTI prices extended the weekly bounce and reclaimed the area above the key $70.00 mark per barrel on Thursday. The move, however, was on the back of shrinking open interest and volume, removing strength for the continuation of the rebound in the very near term. So far, bullish attempts appear limited around the monthly highs near the $75.00 level.