Crude Oil Futures: Door open for a move lower
Open interest in crude oil futures markets went up by nearly 26.8K contracts on Friday, reversing six consecutive daily pullbacks. On the other hand, volume dropped for the second session in a row, this time by around 248K contracts.
WTI seen re-testing $20.00/bbl (and below)
Prices of the barrel of the West Texas Intermediate resumed the downside on Friday. Increasing open interest coupled with negative price action favours extra losses, with another visit to the $20.00 neighbourhood well on the cads in the short-term horizon.