Crude Oil Futures: No respite in the downtrend

Traders increased their open interest positions in Crude Oil futures for the third session in a row on Friday, now by around 19.2K contracts, in light of preliminary prints from CME Group. In the same line, volume reversed the recent pullback and rose by nearly 278.2K contracts.

WTI: Scope for a test of $10.00/bbl

Prices of the WTI remain well under pressure. The persistent increase in open interest and volume amidst negative price action opens the door for the continuation of the downtrend for the time being, with the $10.00 mark per barrel emerging as the next key support.