Crude Oil Futures: Scope for extra losses

CME Group’s flash readings for Crude Oil futures markets note traders increased their open interest positions by nearly 21K contracts, the largest single-day build since March 11. Volume followed suit and went up by around 106.6K contracts, reversing five consecutive daily pullbacks.

WTI now looks to $57.50

Prices of the WTI closed with losses once again on Wednesday. This move was against the backdrop of rising open interest and volume, indicative that further retracement could extend to recent March lows in the $57.50 mark per barrel.