Crude Oil Futures: Further decline in store near term

Considering preliminary readings from CME Group for crude oil futures markets, traders increased their open interest positions for the third straight session at the beginning of the week, this time by around 11.5K contracts. Volume followed suit and added around 89.3K contracts to the previous daily build.

WTI: Next on the downside comes $90.58

Prices of the barrel of WTI dropped to multi-day lows on Monday against the backdrop of increasing open interest and volume. Against that, the commodity could see its decline accelerated in the very near term and with immediate target at the July low at $90.58 per barrel (July 14).