CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the fifth session in a row on Wednesday, this time by around 14.8K contracts. Volume, instead, remained choppy and shrank by around 247.5K contracts.

WTI: Initial support comes at the 55-day SMA

Prices of the barrel of WTI added to the weekly correction on Wednesday amidst rising open interest. That said, further retracements remain on the cards in the very near term with the immediate target at the 55-day SMA around $106.50,