Crude Oil Futures: Room for extra pullbacks

Open interest in Crude Oil futures markets went down by around 6.8K contracts on Friday following five consecutive builds according to preliminary data from CME Group. Volume followed suit and dropped by around 343.2K contracts, reversing to daily advances in a row.

WTI: Support is seen at the 55-day SMA around $38.50

Friday’s inconclusive performance was amidst shrinking open interest and volume, leaving the neutral/bearish theme unchanged. Against this, the price of the WTI should meet initial contention around $38.50 per barrel, where sits the 55-day SMA.