CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 13.1K contracts after three consecutive daily builds. In the same line, volume shrank markedly by around 173.2K contracts.

WTI: Next on the upside comes the February high at $80.60

Prices of the barrel of the WTI extended the leg lower on Wednesday. However, the downtick was amidst declining open interest and volume and thus opens the door to a potential bounce in the short term. That said, the next up barrier of significance comes at the so far monthly high at $80.57 (February 13).