Crude Oil Futures: Further downside on the cards
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CME Group’s flash data for crude oil futures markets noted traders added nearly 20K contracts to their open interest positions on Tuesday, reaching the second daily advance in a row. In the same line, volume increased by almost 216K contracts after three consecutive daily drops.
Prices of the barrel of the WTI halted a 3-session recovery on Tuesday amidst increasing open interest and volume. That said, bets for further downside remain on the rise in the very near term and with the next target at the multi-month low near $81.00 (September 8).
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