CME Group’s preliminary figures for Crude Oil futures markets saw open interest shrinking by around 4.7 contracts on Wednesday. In the same direction, volume partially reversed the previous daily build and went down by around 121.5K contracts.

WTI: REBOUND IN THE OFFING?

Wednesday’s downtick in prices of the West Texas Intermediate was in tandem with declining open interest and volume, leaving the prospects of further retracement somewhat diminished and the door open for a probable bounce in the very near-term. As usual, there is a solid contention area in the $57.50 mark per barrel for the time being.