Crude Oil Futures: Upside looks capped

Traders scaled back their open interest positions by more than 16K contracts on Thursday, reaching the fourth consecutive drop according to advanced readings from CME Group. Volume followed suit and went down sharply by around 231K contracts following three builds in a row.

WTI stays focused around $40.00

WTI closed above the critical $40.00 mark per barrel on Thursday. The positive price action, however, was amidst diminishing open interest and volume, leaving the probability of extra gains somewhat contained for the time being.