Open interest in crude oil futures markets shrank for the third session in a row on Friday, now by more than 14K contracts according to preliminary readings from CME Group. On the flip side, volume reversed two daily drops in a row and went up by around 189.7K contracts.

WTI: Initial up barrier comes near $80.60

WTI prices extended the leg lower for yet another session on Friday. The daily decline, however, was in tandem with declining open interest, which hints at the view that probable rebound could be in the offing. The next target of note on the upside emerges at the February high at $80.57 (February 13).