Crude Oil Futures: A deeper retracement appears not favoured

Traders trimmed their open interest positions in crude oil futures markets for the fourth consecutive session on Wednesday, now by more than 16K contracts according to flash data from CME Group. On the other hand, volume went up for the second straight day, this time by around 394.5K contracts.

WTI faces support around $75.00

Prices of the WTI retreated markedly on Wednesday. The downtick was accompanied by shrinking open interest, hinting at the idea that further decline could be losing momentum in the very near term. The next support of note, in the meantime, appears around the $75.00 mark per barrel (Octobeer 7).