Crude Oil Futures: Scope for a deeper pullback

Open interest in crude oil futures markets dropped for the second session in a row on Thursday, now by around 8.3K contracts. Volume followed suit and rose sharply by around 553.1K contracts, the largest drop since March 1.

WTI could still retest $95.00 and below

Thursday’s noticeable pullback in prices of the WTI was on the back of rising open interest and volume, leaving the door open to further retracement in the very near term. Against that, the commodity could attempt a move to the monthly low near $93.50 (March 15).