Crude Oil Futures: Further retracements look not favoured

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 15.5K contracts on Wednesday after two consecutive daily builds. On the other hand, volume went up for the second straight session, now by around 144.2K contracts.

WTI: The 200-day SMA holds the downside so far

Prices of WTI charted a substantial drop on Wednesday and returned to the sub-$80.00 region. The downtick of the commodity was accompanied by shrinking open interest, which removes strength from prospects for extra losses in the very near term. In the meantime, there is a decent contention around the 200-day SMA, today at $76.55 per barrel.