Crude Oil Futures: Scope for further losses

Open interest in crude oil futures markets rose by just 672 contracts on Thursday, partially reversing the previous pullback according to preliminary readings from CME Group. Volume, instead, shrank by around 143.6K contracts after two daily builds in a row.

WTI could revisit the 2023 low 

Prices of the WTI managed to advance modestly in a volatile session on Thursday. The uptick was on the back of a small increase in open interest while volume retreated markedly. Against that, a small rebound could be in the offing, although further bouts of weakness should not be ruled out yet.