Crude Oil Futures: Room for extra losses

CME Group’s flash data for crude oil futures markets noted traders added around 7.3K contracts to their open interest positions on Wednesday, reaching the second daily build in a row. Volume followed suit and also increased for the second consecutive session, now by around 85.2K contracts.

WTI: Rising bets for a test of $80.00

Prices of the WTI extended the leg lower on Wednesday amidst rising open interest and volume, which is supportive of a probable deeper retracement in the very near term. Against that, the next support of note appears at the round level at $80.00.