CME Group’s flash data for crude oil futures markets noted traders added around 7.3K contracts to their open interest positions on Wednesday, reaching the second daily build in a row. Volume followed suit and also increased for the second consecutive session, now by around 85.2K contracts.

WTI: Rising bets for a test of $80.00

Prices of the WTI extended the leg lower on Wednesday amidst rising open interest and volume, which is supportive of a probable deeper retracement in the very near term. Against that, the next support of note appears at the round level at $80.00.