Crude Oil Futures: Further retracement is out of favour

According to advanced figures from CME Group for crude oil futures markets, investors trimmed their open interest positions by around 15.1K contracts on Wednesday, extending the downtrend for yet another session. On the other hand, volume reversed three daily drops in a row and went up by around 268.2K contracts.

WTI appears supported by the $92.60 area

Prices of the WTI dropped moderately on Wednesday in tandem with shrinking open interest. Against that, the continuation of the leg lower appears limited and should meet decent contention in the area of recent lows near the $92.00 mark per barrel. On the upside, Monday’s high past $109.00 emerges as the immediate hurdle.