Crude Oil Futures: Further downside not ruled out

CME Group’s flash data for crude oil futures markets noted traders added around 8.9K contracts to their open interest positions for the first time after eight consecutive daily drops on Thursday. Volume, instead, shrank by around 51.6K contracts after two consecutive daily builds.

WTI could revisit recent lows near $93.50

Thursday’s knee-jerk in prices of the barrel of West Texas Intermediate was accompanied by rising open interest, indicative that a potential decline remains well on the cards in the very near term. That said, crude oil prices could move back to recent lows in he $93.50 area.