Crude Oil Futures: Scope for further losses

Open interest in crude oil futures markets remained practically unchanged just over 6K contracts on Tuesday according to preliminary readings from CME Group. On the flip side, volume reversed two consecutive daily drops and increased by nearly 460K.

WTI could revisit the sub-$67.00 region

WTI prices dropped sharply on Tuesday on the back of unchanged open interest and a sharp uptick in volume. That said, there is room for extra decline in the commodity in the very near term, with the immediate target at the June low below the $67.00 mark per barrel (June 12).