Crude Oil Futures: Extra losses not ruled out
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CME Group’s flash data for crude oil futures markets noted traders extended the uptrend in their open interest positions and added around 13.2K contracts on Friday. Volume, instead, shrank for the second straight session, this time by nearly 98K contracts.
Friday’s small downtick in prices of the WTI was amidst rising open interest, which suggests that further decline should not be discarded yet. Against that, the commodity still faces a key contention area at the 2022 low near the $70.00 mark per barrel (December 9).
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