Crude Oil Futures: Extra downside not ruled out

CME Group’s preliminary readings for crude oil futures markets noted traders added nearly 11K contracts to their open interest positions on Thursday, reaching the third daily build in a row. In the same line, volume went up for also for the third straight session, now by around 214.8K contracts.

WTI still stays capped by $70.00/bbl

Thursday’s negative price action in WTI was accompanied by rising open interest and volume, opening the door to further retracements in the very near. It seems that further consolidation and/or a potential deeper pullback remains on the cards as long as the $70.00 mark per barrel continues to cap the upside.