Crude Oil Futures: Extra retracement on the cards

CME Group’s flash data for crude oil futures markets noted traders added around 10.6K contracts on Thursday, reversing the previous daily drop. Volume followed suit and increased by the third session in a row, now by around 81.2K contracts.

WTI meets initial contention near $82.00

Prices of WTI dropped significantly in the last couple of sessions. Thursday’s decline was on the back of rising open interest and volume and leaves the door open to the continuation of the downward bias in the very near term. Furthermore, the loss of $82.00 could put a potential test of the key $80.00 mark per barrel back on the radar.