Crude Oil Futures: Scope for a deeper correction

Traders added nearly 2.8K contracts to their open interest positions on Thursday, according to preliminary figures from CME Group. In the same line, volume reversed three pullbacks in a row and increased markedly by around 441.5K contracts.

WTI could slip back to the $31.00/oz area

Prices of the barrel of WTI edged lower on Thursday amidst rising open interest and volume. Against this, WTI risks a further decline and could re-visit the late-March lows near the $31.00 mark per barrel. On the upside, the key barrier at $40.00 remains a short-term top for the time being.