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Traders scaled back their open interest positions for the second day in a row on Thursday, this time by almost 1.5K contracts according to preliminary data from CME Group. Volume followed suit and extended the downtrend for the third straight session, now by nearly 73.5K contracts.

WTI: Potential near-term bottom?

Prices of the barrel of WTI appear to have carved a short-term base in the $49.30 region (February 4th). The recovery, however, stalled in the $52.00 region so far. Declining open interest and volume coupled with inconclusive price action opens the door for some consolidative mood in the short-term at least.