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CME Group’s flash prints for crude oil futures markets noted traders scaled back their open interest positions for the first time since January 20th on Thursday, now by nearly 5.2K contracts. Volume followed suit and went down by almost 100K contracts.

WTI: Interim support emerges around $51.50

Prices of the WTI struggles for direction following three consecutive daily pullbacks, although always within the broader multi-week consolidative fashion. Thursday’s downtick was in tandem with diminishing open interest and volume, hinting at the idea than further retracement could be short-lived. That said, the weekly lows in the mid-$51.00s should offer minor support for the time being.