CME Group’s flash data for crude oil futures markets showed traders reduced their open interest positions by around 12.4K contracts on Thursday, while volume reversed three dailu pullbacks in a row and went up by around 294.3K contracts.

WTI appears supported by $80.00

Thursday’s knee-jerk in prices of the WTI came in tandem with declining open interest and volume, leaving scarce room for the continuation of the corrective decline in the very near term. In the meantime, the $80 region per barrel should hold the initial test for the time being.