Crude Oil Futures: Scope for extra losses

CME Group’s preliminary readings for Crude Oil futures markets showed open interest went up by nearly 2.6K contracts on Thursday. In the same line, volume rose for the second session in a row, now by around 148.8K contracts.

WTI seen side-lined near-term

Prices of the barrel of WTI inched lower on Thursday on the back of increasing open interest and volume, hinting at the likeliness that a mild correction lower should remain on the cards in the short-term horizon. Looking at the broader picture, the consolidative fashion in price action is expected to remain unchanged for the time being.