Crude Oil Futures: Further upside could be losing momentum

Open interest in crude oil futures markets shrank for the second straight session on Thursday, now by around 2.5K contracts according to preliminary readings from CME Group. On the other hand, volume went up sharply by nearly 130K contracts after two daily pullbacks in a row.

WTI: Further gains need to surpass the $80.00 mark

WTI prices rose past the key $80.00 mark per barrel on Thursday, although they closed below it. The daily gains were amidst shrinking open interest and warns against the continuation of the uptrend in the very near term. In the meantime, the $80.00 region remains a key resistance area for the time being.