Crude Oil Futures: Downside losing momentum?

CME Group’s flash figures for Crude Oil futures markets noted open interest shrunk for the third straight session on Wednesday, this time by around 34.8K contracts. Volume, instead, rose for the third consecutive session, now by around 181.4K contracts.

WTI faces the next support near $59.00

Crude oil prices continued to correct lower. However, Wednesday’s downtick was on the back of shrinking open interest, hinting at the idea that a deeper pullback in WTI could be running out of steam. Against this, the monthly lows in the vicinity of the $59.00 mark per barrel should offer initial contention for the time being.