Crude Oil Futures: Further recovery remains in the pipeline
CME Group’s flash readings for crude oil futures markets noted traders added around 10.1K contracts on Monday, marking the second build in a row. On the opposite side, volume went down for the third consecutive session, now by around 586.7K contracts.
WTI does not discard another test of $20.00/bbl
Prices of the barrel of the WTI reversed Friday’s losses at the beginning of the week. The recovery was in tandem with rising open interest, which is supportive of extra gains in the near term. The persistent decline in volume, however, opens the door to some consolidation and could event trigger another test of the $20.00 mark per barrel.