In light of advanced figures from CME Group, traders scaled back their open interest positions in crude oil futures markets by nearly 48.2K contracts on Wednesday. In the meantime, volume went down by around 1.670M contracts, reversing three consecutive builds.
WTI: A move to $20.00/bbl emerges on the radar
Prices of the WTI edged higher on Wednesday on the back of shrinking open interest and volume, suggesting that the recent bounce off historic lows was fuelled by short covering and extreme oversold conditions. That said, while a test of the psychological $20.00 mark remains on the cards, the move could be deemed as temporary only.
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