CME Group’s advanced figures for crude oil futures markets noted traders scaled back their open interest positions for the third consecutive session on Wednesday, this time by nearly 22K contracts. Volume followed suit and shrank by around 214.5K contracts, offsetting two daily builds in a row.

WTI risks further pullbacks

Wednesday’s inconclusive price action and marginal gains in the WTI were amidst declining open interest and volume, which could point to further lack of direction in the very near term and even the continuation of the downtrend. That said, the next support of note now emerges at the round level at the $80.00 mark per barrel.