CME Group’s flash data for crude oil futures markets noted traders added more than 5K contracts to their open interest positions at the end of last week, reversing a downtrend in place since April 7. Volume, instead, shrank by around 111.8K contracts, reaching the third consecutive daily pullback.

WTI could retest the $93.00 area

Prices of the barrel of WTI traded on the defensive on Friday amidst rising open interest, hinting at the possibility of a deeper correction in the very near term and with the immediate target at the April low around the $93.00 mark (April 11).