Crude Oil Futures: Shrinking odds for a deeper pullback

In light of preliminary readings for Crude Oil futures markets from CME Group, open interest shrunk for the second straight session, now by 1.7K contracts. On the other hand, volume rose by nearly 374.3K contracts for the first time after seven consecutive drops.

WTI remains supported by the 200-day SMA

Prices of the WTI keep the consolidative mood on Wednesday amidst the recent build in volume and lower open interest. That said, the key 200-day SMA in the $57.60 region is expected to remain a solid contention for the time being.