Crude Oil Futures: Still scope for further weakness

Considering advanced prints from CME Group for crude oil futures, open interest shrank by around 2.3K contracts after three consecutive daily builds. In the same line, volume remained choppy and drop by nearly 397K contracts.

WTI could revisit the $67.00 zone

Prices of WTI rebounded from the $67.00 region to close with marginal losses on Friday. The rebound was in tandem with shrinking open interest and volume and removes strength from a probable move higher in the very near term. That said, another pullback to the monthly lows near the $67.00 mark per barrel remains on the cards.