Crude Oil Futures: Further losses in the pipeline

Considering advanced prints from CME Group for crude oil futures markets, open interest rose for the second session in a row on Wednesday, this time by around 5.5K contracts. On the other hand, volume kept the erratic activity unchanged and dropped by more than 144K contracts.

WTI: Next support comes near $73.80

Prices of the barrel of the WTI extended the weekly decline on Wednesday. The downtick was in tandem with increasing open interest and allows for the continuation of the selling pressure. That said, the immediate contention now emerges at the weekly low near $73.80 (February 22, 23).