Considering advanced prints from CME Group for crude oil futures markets, traders trimmed their open interest positions by nearly 5K contracts on Wednesday, reaching the second daily drop in a row. Volume, on the other hand, rose for the second consecutive session, now by more than 61K contracts.
WTI looks capped by $100.00
WTI prices charted decent gains on Wednesday. The uptick, however, faltered ahead of the key $100.00 mark and was accompanied by shrinking open interest, hinting at the idea that a potential corrective move could be shaping up in the near term. That said, a convincing breach of the 200-day SMA at $94.95 could spark a deeper decline to the July low at $90.58 (July 14).
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