Crude Oil Futures: Scope for a deeper retracement
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CME Group’s flash data for crude oil futures markets saw traders add around 20.3K contracts to their open interest positions at the beginning of the week, clinching the 4th consecutive daily build at the same time. In the same line, volume went up by around 130.3K contracts after two daily drops in a row.
Monday’s strong decline in prices of the WTI was on the back of increasing open interest and volume, opening the door to the continuation of the leg lower in the very near term. Against that, the next target of note for the commodity is seen at the weekly low at $82.10 per barrel (October 18).
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