Crude Oil Futures: A sustained drop is out of favour
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Considering advanced prints from CME Group for crude oil futures markets, open interest went down for the third session in a row on Friday, this time by around 22.3K contracts. In the same line, volume reversed the previous daily build and dropped by nearly 40K contracts.
Prices of WTI dropped for the second consecutive session on Friday. The downtick came amidst shrinking open interest and volume and removes strength for a sustained decline for the time being. In the meantime, the next support of note is expected around the late May low near the $67.00 mark per barrel.
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