Crude Oil Futures: Extra losses not favoured

According to preliminary readings from CME Group for crude oil futures markets, traders trimmed their open interest positions for the fourth consecutive session on Wednesday, this time by around 4.6K contracts. In the same line, volume resumed the downside and shrank by around 14.3K contracts.

WTI remains capped by $85.00

Wednesday’s strong drop in prices of the WTI was amidst shrinking open interest and volume. That said, further losses appear not favoured for the time, while bullish attempts keep targeting the area around the $85.00 mark per barrel.