Crude Oil Futures: Further decline not ruled out

Open interest in Crude Oil futures markets increased for the second session in a row on Thursday, this time by around 22.3K contracts. On the opposite side, volume shrunk of the second straight session, now by around 68.8K contracts.

WTI seen retesting YTD lows in sub-$44.00 zone

Prices of the barrel of WTI faded part of the weekly recovery on Thursday on the back of rising open interest, which should open the door for the continuation of the decline in the very near-term. However, the downtick in volume could remove some tailwinds from the expected drop and trigger some consolidation.