Crude Oil Futures: (Still) scope for further decline
According to preliminary prints from CME Group, open interest increased by nearly 30.1K contracts on Monday, recording the fourth consecutive build. Volume, in the same line, rose for the third session in a row, this time by around 191K contracts.
WTI risks a move to 2018 lows near $42.00/bbl
The price of the barrel of West Texas Intermediate dropped to fresh 2020 lows in sub-$50.00 levels on Monday. Increasing open interest and volume hint at the probability of extra losses in the near term, with the next support of relevance emerging at the 2018 low at $42.20.