Crude Oil Futures: Extra weakness on the cards

CME Group’s flash data for crude oil futures markets showed open interest rose for the third session in a row on Tuesday, now by around 27.6K contracts. Volume, instead, reversed three consecutive builds and went down by around 41.5K contracts.

WTI risks a deeper retracement

Prices of the WTI continue to shed ground on the back of unabated coronavirus fears. The commodity breached the $50.00 mark on Tuesday amidst rising open interest, allowing for the continuation of the downtrend in the very near-term. That said, there are no relevant support levels until the 2018 low in the $42.20 region.