Crude Oil Futures: Room for extra decline

CME Group’s flash data for crude oil futures markets noted open interest reversed two consecutive daily pullbacks and rose by around 1.4K contracts on Tuesday. Volume followed suit and increased by around 207.2K contracts after three daily drops in a row.

WTI could still retest $90.00

Prices of the WTI extended the decline to the vicinity of $93.00 mark on Tuesday, new monthly lows. The important decline was on the back of rising open interest and volume, exposing the commodity to further weakness in the very near term and with the next target at the $90.00 mark per barrel.