Crude Oil Futures: Further losses appear unlikely

Considering advanced results from CME Group for crude oil futures markets, traders scaled back their open interest positions for the second day in a row on Wednesday, this time by around 26.8K contracts. In the same direction, volume left behind two consecutive daily builds and went down by more than 246K contracts.

WTI looks supported around $84.00 so far

Wednesday’s negative price action in crude oil was in tandem with diminishing open interest and volume and suggests that further decline is not favoured in the very near term. Against that, the WTI could move into a consolidative phase while a decent support seems to have emerged around the $84.00 mark per barrel so far.