Crude Oil Futures: Downside could be losing momentum

CME Group’s flash data for crude oil futures markets noted open interest dropped for the fourth session in a row on Wednesday, now by around 22.8K contracts. On the flip side, volume reversed the previous daily drop and went up by around 135.6K contracts.

WTI: The path to $60.00?

Prices of the WTI extended the bearish move on Wednesday and now flirts with the $64.00 mark per barrel. The daily downtick was once again amidst shrinking open interest, which is indicative that further retracement could be running out of steam. The next key target for oil bears now emerges at the $60.00 mark per barrel, where also sits the 200-day SMA.