Crude Oil Futures: Downside looks limited

Traders cut their open interest positions by around 13.8K contracts at the end of last week, reversing at the same time three daily builds in a row, according to preliminary figures from CME Group. In the same line, volume dropped sharply by around 266.3K contracts after two straight advances.

WTI faces interim hurdle at $54.45

Prices of the WTI tested multi-day lows on Friday amidst shrinking open interest and volume, hinting at the idea that further decline is not favoured in the very near-term at least. Against this, the resumption of the upside faces interim hurdle at the February highs in the mid-$54.00s.