Crude Oil Futures: Extra losses remain in the pipeline

Open interest in crude oil futures markets increased for the fifth consecutive session on Tuesday, this time by nearly 22K contracts according to preliminary readings from CME Group. In the same line, volume reversed three daily drops in a row and rose by the most since April 3 by almost 546K contracts.

WTI: A drop to $70.00 now emerges on the horizon

Prices of the WTI dropped markedly on Tuesday amidst rising open interest and volume. That said, a deeper retracement appears on the table with the immediate target at the key $70.00 mark per barrel.