Crude Oil Futures: Look neutral/bearish near term
Open interest in crude oil futures markets resumed the upside on Wednesday, expanding by around 21.3K contracts and reversing the previous drop. Volume, instead, extended the downtrend and shrunk by around 59.5K contracts.
WTI seen re-testing the $20.00/bbl mark
Prices of the barrel of WTI are extending the consolidative fashion on Thursday, amidst rising open interest and volume, hinting at the probability that further consolidation remains well on the table for the time being. In light of the absence of a strong catalyst to sponsor a recovery, another drop and test to YTD lows in the $20.00 neighbourhood remains well on the cards for the time being.