Crude Oil Futures: Extra decline in the pipeline

CME Group’s preliminary figures for crude oil futures markets noted traders added around 11.8K contracts to their open interest positions on Wednesday, reaching the third consecutive daily build in a row. Volume, instead, shrank by around 104.3K contracts.

WTI could drop to $73.16

Prices of the WTI clinched new 2021 tops just below the key $80.00 mark on Wednesday before correcting sharply lower in 2-day lows. The downtick was amidst rising open interest, which is indicative that further downside could be in store in the very near term. That said, the barrel of WTI is expected to meet contention around the weekly low near $73.20 (September 30).