Crude Oil Futures: Extra gains need more conviction

Open interest in crude oil futures markets noted investors trimmed their open interest positions for the fifth straight session on Thursday, this time by around 21.8K contracts. Volume, instead, remained choppy an went up by around 23.2K contracts.

WTI remains supported by the $95.00 zone

Prices of the barrel of WTI rose sharply on Thursday. The move, however, was amidst diminishing open interest, which leaves the prospect for further rebound somewhat curtailed in the very near term. That said, another visit to the recent contention area around $95.00 per barrel should not be ruled out.