Crude Oil Futures: Rising bets for further decline

CME Group’s flash data for crude oil futures markets noted open interest rose by around 5.5K contracts on Wednesday, resuming the uptrend following Tuesday’s drop. In the same line, volume offset the previous pullback and went up by around 147.6K contracts.

WTI could accelerate losses below $90.00

Prices of the WTI intensified the leg lower on Wednesday and remained poised to challenge the $90.00 mark sooner rather than later. This view is underpinned by the backdrop of rising open interest and volume and exposes further losses in the very near term.