Crude Oil Futures: Weakness seen as temporary

Open interest in crude oil futures markets dropped for the third session in a row on Wednesday, this time by around 18.2K contracts in light of advanced prints from CME Group. Volume, instead, went up for the fourth straight day, now by around 5.5K contracts.

WTI stays close to $70.00

Prices of the WTI edged lower on Wednesday following new 2021 highs beyond the $70.00 mark per barrel. The negative session came in tandem with shrinking open interest and hints at the view that a deeper pullback remains not favoured at least in the very near-term.