CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the second session in a row on Thursday, this time by around 9.2K contracts. Volume, instead, went up for the third straight session, now by around 166.3K contracts.

WTI: Next support comes at $101.56

Prices of the WTI remained on the defensive on Thursday amidst shrinking open interest. Against that, a deeper retracement appears unlikely in the very near term, while there is decent contention at the June low at $101.56 (June 22).