Traders reduced their open interest positions by approximately 14K contracts on Wednesday, adding to the prior reduction, based on preliminary data from CME Group for crude oil futures markets. Volume fell by roughly 321.8K contracts as a result of the trend.
On Wednesday, WTI prices continued to fall in a correction pattern. However, the move came against a backdrop of declining open interest and volume, which took the sting out of any further pullback and left the $70.00 per barrel mark as the next point of dispute.
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