Crude Oil Futures: Further decline on the cards

CME Group’s flash data for crude oil futures markets noted traders added around 14.2K contracts to their open interest positions at the end of last week, clinching the fifth daily build in a row. Volume, in the same direction, rose by nearly 1.08M contracts, the largest single-day build so far this year.

WTI now looks to regain $80.00

Prices of the WTI dropped to the $67.50 region on Friday. The sharp downtick was accompanied by increasing open interest and volume, allowing for further retracements in the very near term. While the $67.50 region holds the downside, crude oil prices should re-focus the attention to the key $80.00 barrier in the very near term.