Crude Oil Futures: Still scope for further downside

CME Group’s flash data for crude oil futures showed open interest rose for the fifth consecutive session on Thursday, this time by almost 40K contracts, the lagest single day build since January 3^rd. In the same direction, volume went up by around 323.9K contracts, the largest increase since January 21^st.

WTI: No light at the end of the tunnel... yet

Prices of the barrel of the WTI remain entrenched into the negative territory so far this week, dropping to fresh 2020 lows near the $45.00 mark at the time of writing. Further weakness is still expected against the backdrop of Increasing open interest and volume. That said, the next support of relevance is at the 2018 low at $42.20.