Crude Oil Futures: Scope for extra losses

CME Group’s flash data for crude oil futures markets noted traders added nearly 3.5K contracts to their open interest positions on Tuesday for the first time after eight consecutive daily pullbacks. Volume, instead, went down for the second session in a row, this time by around 46.7K contracts.

WTI: Next support comes at $80.60

Tuesday’s retracement in prices of the barrel of the West Texas Intermediate was accompanied by rising open interest, which is indicative that further decline remains in the pipeline at least in the very near term. Against this, recent lows in the $80.60 region emerge as the next contention area for the time being.