Crude Oil Futures: Upside seems limited near term

Considering advanced prints from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 2.7K contracts on Wednesday, resuming the downtrend following Tuesday’s daily build. Volume, instead, went up for the second straight session, now by around 70.3K contracts.

WTI: Initial support emerges near $87.00

Prices of the WTI traded in a volatile fashion on Wednesday amidst the ongoing recovery from last week’s multi-month lows. The daily uptick was on the back of shrinking open interest, which leaves the upside somewhat limited for the time being. On the downside, there is decent contention around the $87.00 mark per barrel.