CME Group’s flash data for crude oil futures markets noted traders added around 16.7K contracts to their open interest positions on Monday. Volume followed suit and went up by around 71.5K contracts, partially reversing the previous strong pullback.
WTI could re-test the $58.60 area
Crude oil prices dropped further at the beginning of the week against the backdrop of increasing open interest and volume. The said, further losses remain well on the cards, motivating WTI to potentially re-visit the area of recent lows in the $58.60 zone in the short-term horizon.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.