Crude Oil Futures: Scope for extra retracement

CME Group’s flash data for crude oil futures markets noted traders added more than 5K contracts to their open interest positions at the end of last week, reversing a downtrend in place since April 7. Volume, instead, shrank by around 111.8K contracts, reaching the third consecutive daily pullback.

WTI could retest the $93.00 area

Prices of the barrel of WTI traded on the defensive on Friday amidst rising open interest, hinting at the possibility of a deeper correction in the very near term and with the immediate target at the April low around the $93.00 mark (April 11).