Crude Oil Futures: Diminishing bets for further downside
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Considering advanced prints from CME Group for crude oil futures markets, open interest shrank for the second session in a row on Wednesday, now by around 16.6K contracts. Volume followed suit and dropped for the third consecutive day, this time by around 13.6K contracts.
Prices of the WTI extended the corrective decline on Wednesday and seem en route to close the post-OPEC+ gap seen at the beginning of the month. The daily retracement, however, was in tandem with declining open interest and volume and is indicative that a deeper pullback is out of favour. There should be an initial support near the $76.00 mark per barrel (March 31 high).
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