Crude Oil Futures: Scope for further decline

CME Group’s flash data for Crude Oil futures markets noted traders trimmed their open interest positions for the second session in a row on Tuesday, this time by around 15.7K contracts. Volume, instead, rose for the second straight session, now by more than 21K contracts.

WTI could retest the $63.00 area

Prices of the WTI extended the downside momentum on Tuesday amidst rising open interest. That said, extra pullbacks remain on the cards and could re-visit the $63.00 area in the very near-term, or last week’s lows.