Crude Oil Futures: Extra decline on the cards

CME Group’s flash data for crude oil futures markets noted traders added nearly 11K contracts to their open interest positions at the end of last week, reaching the third consecutive daily build. Volume, instead, went down for the third session in a row, this time by around 19.5K contracts.

WTI faces the next support at $90.58

Prices of the WTI extended the leg lower on Friday amidst rising open interest, which is indicative that further losses remain in store for the commodity. That said, the next support of note now emerges at the July low at $90.58 per barrel (July 14).