CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest position by around 3.3K contracts on Tuesday, extending the downtrend for the fourth consecutive session. On the other hand, volume went up for the second straight session, now by around 54.6K contracts.

WTI: Further losses seen below $93.00

Tuesday’s uptick in prices of the barrel of WTI was on the back of shrinking open interest, removing strength from the bull run and exposing the commodity to further decline in the very near term. Against that, further losses in WTI could gather traction on a close below recent lows around the $93.00 mark per barrel (April 11).