Crude Oil Futures: Further decline not ruled out

Open interest in crude oil futures markets extended the uptrend on Tuesday, this time rising by around 47.4K contracts as per advanced readings from CME Group. On the flip side, volume decreased by around 307.6K contracts, prolonging the choppy activity seen as of late.

WTI could re-test lows in sub-$20.00 levels

Price action around WTI was inconclusive on Tuesday and it was accompanied by rising open interest and a down tick in volume. That said, another visit to 18-year lows around $19.30 remains well on the cards against the unchanged backdrop of he deteriorated sentiment around the oil market.

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