Crude Oil Futures: Scope for further downside
|CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 9.6K contracts on Monday, reaching the fourth consecutive daily drop. In the same line, volume dropped for the third straight day, this time by around 124.1K contracts.
WTI: Another test of $80.00 is not ruled out
Prices of the barrel of the WTI advanced marginally at the beginning of the week against the backdrop of diminishing open interest and volume. That said, a sustained rebound appears not favoured for the time being, leaving a potential visit to the $80.00 region on the table instead.
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