Crude Oil Futures: Extra weakness still in store

CME Group’s flash data for crude oil futures markets noted traders added more than 11K contracts to their open interest positions on Thursday following two daily pullbacks in a row. On the other hand, volume dropped by around 35.5K contracts after two consecutive daily builds.

WTI could retest the 200-day SMA around $95.00

WTI prices retreated from the boundaries of the $100.00 mark per barrel on Thursday amidst rising open interest. Against that, WTI could extend the decline in the very near term and challenge the key 200-day SMA, today at $95.00.