Crude Oil Futures: Extra decline on the cards

CME Group’s flash data for crude oil futures markets noted traders added more than 11K contracts to their open interest positions on Thursday. On the other hand, volume retreated for the second session in a row, this time by around 27.9K contracts.

WTI could retest $96.50

Prices of the barrel of the WTI printed the second consecutive drop on Thursday on the back of rising open interest. Against that, the commodity could extend the downtrend with the immediate target at the 200-day SMA at $94.67 ahead of the July low at $96.46 (July 14).