Crude Oil Futures: Further decline not ruled out

Open interest in crude oil futures markets shrank by around 5.8K contracts on Friday, reversing the previous daily build according to preliminary readings from CME Group. Volume followed suit and dropped for the second consecutive session, now by nearly 178K contracts.

WTI: Next on the downside comes $80.00

Prices of the WTI charted and inconclusive session at the end of last week around the $85.00 mark and amidst shrinking open interest and volume. That said, the lack of direction is expected to prevail in the very near term, while the $80.00 mark emerges as the next target of note on the downside.