Crude Oil Futures: Scope for a deeper pullback
According to preliminary data from CME Group, traders added around 24.2K contracts to their open interest positions at the end of last week. Volume, instead, went down by around 388K contracts.
WTI could slip back to $50.00
Friday’s decline in prices of the WTI was on the back of rising open interest, allowing for the continuation of the sell-off to, initially, the key support at the $50.00 per barrel. The choppy activity in volume could slow the pace of the descent somewhat, although the underlying bearish mood remains well in play for the time being.