Crude Oil Futures: Extra decline in the pipeline

Open interest in crude oil futures markets rose by around 19.3K contracts after four consecutive daily pullbacks on Tuesday, according to preliminary readings from CME Group. In the same line, volume set aside four daily drops and went up by around 68.2K contracts.

WTI could slip back below the $70.00 mark

Tuesday’s daily retracement in prices of WTI was accompanied by increasing open interest and volume. That said, further weakness now appears on the table in the very near term, with the tangible probability of another drop to the sub-$70.00 region.