Crude Oil Futures: Downside seen limited

In light of advanced figures from CME Group, open interest in Crude Oil Futures markets shrunk for yet another session on Wednesday, this time by almost 3K contracts. It is worth mentioning that the downtrend in open interest remains unchanged since June 12. On the flip side, volume went up markedly by around 294.1K contracts.

WTI faces support near $34.00/bbl

Wednesday’s negative price action in the WTI was amidst shrinking open interest, leaving the leg lower somewhat contained in the very near-term. Against this, the area of monthly lows near the $34.00 mark per barrel emerges as the next support.