Crude Oil Futures: Door open to further losses near term

Open interest in crude oil futures markets rose by nearly 15K contracts after two daily drops in a row on Thursday, according to preliminary readings from CME Group. In the same line, volume resumed the uptrend and increased by around 340.5K contracts, offsetting the previous daily drop.

WTI approaches the key $80.00 mark

Prices of the barrel of the WTI extended the leg lower on Thursday and revisited the $82.00 region, adding to Wednesday’s pullback. The move was accompanied by rising open interest and volume and leaves intact the prospect for extra decline in the very near term and with the immediate support at the key $80.00 mark per barrel.