The CME Group’s flash data for crude oil futures markets found that Wednesday’s open interest fell for the fourth straight year, now by around 22.8K contracts. On the flip side, the volume reversed the previous daily decline and increased around 135.6K contracts.
WTI: The way to $ 60.00?
Prices of WTI extended the bearish move on Wednesday and is now flirting with the $ 64.00 a barrel mark. The daily downtrick was again amid shrinking open interest, suggesting that another retracement may run out of steam. The next major target for oil bears is now emerging at the $ 60.00 a barrel mark, which is where the 200-day SMA is.