Crude Oil Futures: Rising bets for extra decline

Open interest in crude oil futures markets reversed two pullbacks in a row and went up by around 1.2K contracts on Thursday in light of preliminary figures from CME Group. Volume, instead, extended the downtrend for the third straight session, this time by around 257.7K contracts.

WTI could drop further and test the 200-day SMA

Prices of the WTI closed Thursday’s session with losses amidst rising open interest. That said, there is now rom for a deeper pullback that could see the 200-day SMA at $36.75 retested in the very near-term.