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CME Group’s preliminary readings for crude oil futures markets showed traders scaled back their open interest positions by nearly 37K contracts after two consecutive daily pullbacks on Thursday. On the other hand, volume rose for the third straight session, this time by almost 28K contracts.

Outlook for WTI remains firm

Thursday’s negative price action in WTI was in tandem with a sharp drop in open interest, leaving the prospects for further retracements somewhat curtailed. That said, the commodity looks poised to resume the uptrend once the corrective decline finishes, with the immediate target at recent peaks near the $73.00 mark per barrel (June 16).