Crude Oil Futures: Door open for extra downside

CME Group’s preliminary readings for crude oil futures markets note open interest went up for the second straight session on Wednesday, this time by nearly 11.5K contracts. In the same direction, volume reversed the previous drop and rose by around 27.6K contracts.

WTI faces the next support around $38.70 (100-day SMA)

Prices of the WTI inched lower on Wednesday in tandem with increasing open interest and volume. That said, there is still room for further decline to, initially, the interim support at the 100-day SMA around $38.70.