Crude Oil Futures: Scope for extra pullbacks

CME Group’s advanced prints for Crude Oil futures markets noted traders increased their open interest positions by around 14.6K contracts on Friday, reversing the previous build. Volume, instead, went down sharply by around 386.3K contracts following two builds in a row.

WTI faces the next support below $30.00/bbl

Prices of the barrel of WTI remain under pressure. Friday’s decline was on the back of rising open interest, allowing for the continuation of the downtrend in the very near-term. Against this, crude oil prices face the next support of relevance at the April peaks around $29.00 per barrel.