Crude Oil Futures: Further losses not ruled out

According to preliminary figures from CME Group for crude oil futures markets, traders added more than 10K contracts to their open interest positions on Thursday, reversing at the same time four consecutive daily pullbacks. On the other hand, volume dropped for the second day in a row, this time by around 179K contracts.

WTI could retest the monthly low near $78.00

Prices of the WTI charted an inconclusive session with small losses on Thursday amidst rising open interest. Against that, the commodity could attempt some consolidation in the very near term, while another drop to the monthly lows near the $78.00 mark should not be ruled out either.