Crude Oil Futures: Extra losses remain on the cards

Open interest in crude oil futures markets extended the downtrend for yet another session on Thursday, this time by around 29.5K contracts considering flash data from CME Group. In the same line, volume reversed two daily builds in a row and shrank markedly by around 254.8K contracts.

WTI looks to retest $75.00

Thursday’s uptick in prices of the WTI was sustained by short covering, as noted by declining open interest and volume. That said, the barrel of the West Texas Intermediate could now attempt to revisit the weekly low around the $75.00 mark (October 7) in the short-term horizon.