Crude Oil Futures: Scope for a move lower

Open interest and volume in Crude Oil futures markets went up by nearly 6K contracts and by around 50.4K contracts, respectively, on Thursday as per flash data from CME Group.

WTI still looks to $44.00/bbl

Thursday’s negative performance of prices of the WTI was amidst rising open interest and volume, opening the door to further downside in the very near-term. In the meantime, prices of the American reference for the sweet light crude oil keep targeting the $44.00 mark per barrel in the short-term horizon.