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In light of advanced data from CME Group, traders added nearly 21.7K contracts to their open interest positions on Friday, reaching the third build in a row. Volume, too, rose for the second consecutive session, this time by around 245.7K contracts.

WTI: A test of $50.00/bbl on the cards?

Crude oil prices remain well under pressure, forcing the WTI to extend the recent breakdown of the $52.00 mark per barrel. Rising open interest and volume accompanied Friday’s decline, opening the door for the continuation of the leg lower in the near-term. Against this backdrop, a drop and test of the critical $50.00/bbl should not be surprising.