Crude Oil Futures: A deeper pullback should not be ruled out

Considering preliminary readings from CME Group for crude oil futures markets, traders increased their open interest positions by around 2.3K contracts on Tuesday after three consecutive daily retracements. Volume followed suit and rose by around 92.6K contracts, offsetting the previous daily drop.

WTI risks a move to $81.94

Prices of the WTI charted an inconclusive session on Tuesday, trespassing the $92.00 mark although ending the session just above $90.00 per barrel. The daily price action was accompanied by rising open interest and volume, leaving the door open to the continuation of the downtrend in the very near term. There is a decent support at $81.94 (January 24 low).