Crude Oil Futures: Door open to extra losses

Considering preliminary readings from CME Group for crude oil futures markets, open interest increased by nearly 10K contracts on Thursday, partially reversing the previous drop. Volume, instead, shrank markedly by around 316.3K contracts after three consecutive daily builds.

WTI still looks to test $100.00

The second consecutive daily drop in prices of the WTI came amidst rising open interest, paving the way for the continuation of the leg lower to, potentially, the $100.50 level (February 24 high). The important drop in volume, however, could spark some consolidation in the very near term.