CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions by around 14.8K contracts at the end of last week. On the other hand, volume kept the choppiness well and sound and this time added more than 83K contracts.

WTI: Next on the downside emerges $70.00

Prices of WTI charted an inconclusive session on Friday amidst shrinking open interest and increasing volume, exposing some near-term consolidation, while bouts of weakness should not be ruled out either. So far, the $70.00 mark per barrel should hold the initial downside test for the time being.