Crude Oil Futures: Door open to extra losses

CME Group’s flash data for crude oil futures markets noted traders added round 12.2K contracts to their open interest positions on Tuesday. Volume followed suit and increased by more than 220K contracts, reversing at the same time three daily drops in a row.

WTI: Next target at $80.00?

Prices of the barrel of WTI left behind recent strength on Tuesday and refocused on the downside, closing once again below the $90.00 mark. The daily drop was amidst increasing open interest and volume and hinted at the likelihood the further losses remain in store for the commodity in the very near term. That said, the next target of note now emerges at the $80.00 mark per barrel.