Crude Oil Futures: Further downside in store

In light of advanced prints from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 14.2K contracts following four consecutive daily builds on Tuesday. Volume, on the other hand, rose for the second straight session, this time by nearly 114K contracts.

WTI: Next support comes at $82.10

Tuesday’s uptick in prices of the WTI was on the back of declining open interest, which removes strength from the continuation of the rebound in the very near term. WTI prices could then challenge the weekly low at $82.10 (October 18).