Crude Oil Futures: Pullbacks look contained

CME Group’s advanced readings for crude oil futures markets noted open interest reversed two consecutive daily builds and went down by around 37.2K contracts, On the other hand, volume increased for the third session in a row, this time by nearly 218K contracts.

WTI faces immediate support around $71.00

Wednesday’s negative price action in the WTI was amidst shrinking open interest, leaving the prospects for further downside somewhat curtailed for the time being. That said, crude oil is seen facing the immediate support around monthly lows near the $71.00 mark per barrel.