Crude Oil Futures: Correction has further legs to go

CME Group’s flash data for crude oil futures markets noted traders added just 111 contracts to their open interest positions on Wednesday for the first time since October 21. Volume followed suit and went up by around 328.5K contracts, reversing at the same time two daily drops in a row.

WTI risks further losses below $80.00

Wednesday’s sharp pullback in prices of the WTI was on the back of increasing open interest and volume, allowing for the continuation of the corrective downside at least in the very near term. A convincing break below the $80.00 mark per barrel should open the door to extra losses to, initially, the $75.00 region.