Crude Oil Futures: Scope for further losses

CME Group’s preliminary readings for crude oil futures markets noted open interest dropped for the second session in a row on Friday, this time by around 9.3K contracts. In the same direction, volume added to the previous drop and went down by around 141.8K contracts.

WTI could re-test $70.00

Prices of the WTI extended the rejection from recent 2021 tops on Friday. The rebound from daily lows, however, was in tandem with diminishing open interest and volume, removing strength from the probable continuation of the bounce and leaving the prospects for further downside unchanged in the very near term. The next support of note, in the meantime, emerges at the key $70.00 mark per barrel.