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Traders scaled back their open interest positions in crude oil futures markets by almost 9K contracts on Thursday according to preliminary figures from CME Group. In the same line, volume shrunk markedly by around 352.8K contracts.

WTI still looks to $40.00/bbl

Prices of the WTI advanced within a tight range on Thursday amidst shrinking open interest and volume. Despite a correction lower appears on the cards in the very near-term, the West Texas Intermediate still aims for a visit to the key barrier at the $40.00 mark per barrel.