CME Group’s flash data for Crude Oil futures markets noted traders added around 5.5K contracts to their open interest positions on Wednesday, while volume went up for the second session in a row, this time by around 202.7K contracts.

WTI MEETS SUPPORT NEAR THE 200-DAY SMA ($41.24)

Prices of the barrel of WTI dropped to multi-day lows on Wednesday on the back of renewed dollar strength. The descent was on the back of increasing open interest and volume, paving the way for a deeper pullback in the very near-term. That said, initial contention is forecasted to emerge in the $41.20 region, where sits the 200-day SMA.