Crude Oil Futures: Further decline in the pipeline

According to CME Group’s flash data for crude oil futures markets, traders added nearly 8K contracts to their open interest positions on Friday after four consecutive daily drops. On the flip side, volume shrank for the second straight day, now by more than 77K contracts.

WTI appears supported near $76.00

Prices of the WTI dropped for the second consecutive session on Friday. The move was amidst increasing open interest and opens the door to the continuation of the corrective downside in the very near term. The strong drop in volume, however, could allow for occasional bouts of strength. So far, the commodity remains supported by the $76.00 region per barrel.