Crude Oil Futures: Extra downside stays on the cards
In light of advanced data for crude oil futures markets from CME Group, open interest rose by almost 46.7K contracts on Friday. On the other hand, volume resumed the downside and retreated by 36.7K contracts.
WTI remains weak around $20.00
Prices of the barrel of the West Texas Intermediate are trading in fresh 2020 lows around the $20.00 mark. Rising open interest amidst the current decline opens the door for extra pullbacks in the short-term horizon, while the downtick in volume could spark some consolidation in the near term as well.