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Traders reversed six builds in a row on Thursday and trimmed their open interest positions by nearly 6.2K contracts according to preliminary data from CME Group for crude oil futures. Volume, instead, went up for the second session in a row, this time by nearly 882.5K contracts, the largest build since March 5th.

WTI now targets the $28.00 mark

Prices of the WTI rose sharply on Thursday on the back of positive rumours involving a potential Russia-Saudi Arabia deal. However, the strong rebound was in tandem with shrinking open interest, which should remove some tailwinds from the move up.