Crude Oil Futures: Door open for extra weakness

Open interest in crude oil futures markets rose for the sixth consecutive session on Friday, now by around 3.5K contracts. In the same direction, volume went up for the third straight day, now by around 116.8K contracts, all according to flash readings from CME Group.

WTI: Recovery is seen short-lived

Prices of the barrel of WTI dropped to sub-$44.00 levels on Friday, recording at the same time fresh 2020 lows amidst rising open interest and volume. Against this, further downside remains well on the cards and any occasional bullish attempt should be considered as corrective only.