Crude Oil Futures: Extra decline looks shallow

CME Group’s preliminary readings for crude oil futures markets noted open interest shrunk for the fourth consecutive session on Friday, this time by more than 9K contracts. Volume reversed four straight builds and diminished by around 362.8K contracts.

WTI meets resistance near $41.50

Prices of the WTI run out of steam in the vicinity of the key hurdle near $41.50, sparking the ongoing move lower. The knee-jerk, however, was against the backdrop of shrinking open interest and volume, leaving further retracements short-lived. In this regard, the 100-day SMA at $39.87 and the 200-day SMA at $38.50 should offer initial contention.