Crude Oil Futures: Further recovery seems out of favour

Open interest in crude oil futures markets shrank by more than 13K contracts on Wednesday, leaving behind six consecutive daily builds according to preliminary readings from CME Group. On the other hand, volume dropped for the second session in a row, this time by around 58.5K contracts.

WTI risks another move to $70.00 and below

Wednesday’s small advance in prices of WTI was in tandem with shrinking open interest and volume, opening the door to a corrective decline in the very near term. That said, the immediate contention emerges at the key $70.00 mark ahead of the late May lows near the $67.00 mark per barrel.