Crude Oil Futures: deeper pullback loses traction

In light of preliminary prints for Crude Oil futures markets from CME Group, open interest and volume shrunk by around 11.9K contracts and 151.6K contracts, respectively on Wednesday.

WTI met support around $58.00/bbl

Prices of the barrel of West Texas Intermediate remain sidelined in the $58.00 neighbourhood – or weekly lows - amidst declining open interest and volume, signalling that the prospect for a deeper retracement could be losing momentum.