Crude Oil Futures: Extra losses in the pipeline

CME Group’s flash data for crude oil future markets showed traders added around 3.6K contracts to their open interest positions at the end of last week, reversing at the same time the downtrend in place since June 7. Volume followed suit and rose for the second straight day, now by around 126.7K contracts.

WTI: Next support emerges at $98.00

Prices of the barrel of WTI extended the leg lower on Friday amidst rising open interest and volume, exposing further retracements in the very near term and with the immediate contention at the May low at $98.23 (May 11).