CME Group’s flash data for crude oil futures markets noted investors trimmed their open interest positions for the second session in a row on Thursday, this time by around 18.6K contracts. In the same line, volume went down sharply by nearly 305.2K contracts.

WTI looks side-lined around $40.00/bbl

Prices of the barrel of WTI ticked lower on Thursday amidst declining open interest and volume, leaving the likeliness of a deeper pullback somewhat flat. That said, further rangebound looks likely around the $40.00 mark per barrel, while occasional bullish attempts should meet initial resistance at the 200-day SMA near $43.60.