Crude Oil Futures: Downside has further legs to go

In light of advanced data from CME Group, traders added nearly 21.7K contracts to their open interest positions on Friday, reaching the third build in a row. Volume, too, rose for the second consecutive session, this time by around 245.7K contracts.

WTI: A test of $50.00/bbl on the cards?

Crude oil prices remain well under pressure, forcing the WTI to extend the recent breakdown of the $52.00 mark per barrel. Rising open interest and volume accompanied Friday’s decline, opening the door for the continuation of the leg lower in the near-term. Against this backdrop, a drop and test of the critical $50.00/bbl should not be surprising.