Crude Oil Futures: Further retracement not ruled out

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CME Group’s flash data for crude oil futures markets noted traders added nearly 15K contracts to their open interest positions on Tuesday, extending the prevailing uptrend. Volume, on the other hand, shrank by around 131.3K contracts.

Tuesday’s corrective decline in prices of the barrel of WTI was on the back of increasing open interest, which suggests that further losses could lie ahead for the commodity in the very near term. That said, there is scope for the commodity to revisit the late May low near the $67.00 mark per barrel.

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