Crude Oil Futures: Still room for further losses

Considering advanced prints from CME Group for crude oil futures markets, open interest dropped for the third session in a row on Thursday, this time by nearly 10K contracts. Volume followed suit and went down by around 111.2K contracts after two consecutive daily builds.

WTI remains supported near $78.00

WTI prices attempted a bounce on Thursday amidst diminishing open interest and volume, which is suggestive that the continuation of this move seems not favoured in the very near term. In the meantime, the $78.00 region is expected to hold the downside for the time being.