Crude Oil Futures: Potential rebound in the offing

According to preliminary readings from CME Group, open interest in crude oil futures markets went down for the fourth session in a row on Wednesday, now by around 21.6K contracts. In the same line, volume resumed the downside and shrank by around 345.5K contracts.

WTI meets support around $94.00

Prices of the WTI charted an inconclusive session on Wednesday amidst diminishing open interest and volume, which could be indicative that further decline would not be favoured in the very near term at least. In the meantime, the $94.00/$95.00 region emerges as a decent initial contention area.