Crude Oil Futures: Door open to extra decline

Open interest in crude oil prices increased for the first time since April 18, now by around 36.5K contracts, on Wednesday according to preliminary readings from CME Group. In the same line, volume rose for the second consecutive session, this time by around 300K contracts, the largest single day build since April 3.

WTI filled the gap and targets $70.00

Wednesday’s sharp sell-off in prices of the WTI was on the back of rising open interest and volume, suggesting that extra losses remain on the cards in the very near term. Against that, the commodity could slip back to the $70.00 region in the relatively near future.