Crude Oil Futures: A sustained drop is out of favour

Considering advanced prints from CME Group for crude oil futures markets, open interest went down for the third session in a row on Friday, this time by around 22.3K contracts. In the same line, volume reversed the previous daily build and dropped by nearly 40K contracts.

WTI: Next support emerges near $67.00

Prices of WTI dropped for the second consecutive session on Friday. The downtick came amidst shrinking open interest and volume and removes strength for a sustained decline for the time being. In the meantime, the next support of note is expected around the late May low near the $67.00 mark per barrel.