Crude Oil Futures: A deeper pullback loses momentum

In light of preliminary figures from CME Group for crude oil futures markets, traders trimmed their open interest positions by nearly 14K contracts on Wednesday, adding to the previous drop. Volume followed suit and went down by around 321.8K contracts.

WTI faces initial support around $70.00

Prices of the WTI extended the corrective downside on Wednesday. The move, however, was against the backdrop of shrinking open interest and volume, removing strength from further retracement and leaving the $70.00 mark per barrel as the next area of contention.