Crude Oil Futures: Door open for extra weakness
According to advanced figures for Crude Oil futures from CME Group, traders added around 46.8K contracts to their open interest positions on Monday, reaching the second build in a row. Volume followed suit, up for the third consecutive session, now by nearly 111.4K contracts.
WTI likely to breach $50.00… again
Prices of the WTI sold off on Monday amidst rising open interest and volume, hinting at the possibility that the leg lower might not be over just yet. That said, a potential break below the critical support at the $50.00 mark per barrel remains well on the cards in the short-term horizon.