Crude Oil Futures: Scope for extra pullbacks

CME Group’s flash data for crude oil futures markets noted traders added around 1.3K contracts to their open interest positions on Wednesday. On the other hand, volume, partially reversed the previous daily build and dropped by around 330.2K contracts.

WTI: Immediately to the downside emerges the 200-day SMA

Prices of the barrel of the WTI extended the sharp weekly pullback on Wednesday amidst increasing open interest. That said, further retracements remain in store for the commodity in the short term and with the next contention of note at the 200-day SMA at $93.48.