Crude Oil Futures: Room for further losses

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Considering advanced prints from CME Group for crude oil futures markets, open interest dropped by around 3.8K contracts after three consecutive daily builds. Volume followed suit and went down by around 365.2K contracts, leaving behind the previous daily advance.

Monday’s rebound in prices of the WTI was accompanied by shrinking open interest and volume, hinting at the likelihood that extra gains look not favoured for the time being. Against that, the door appears open to further weakness in the commodity in the very near term and with another visit to the so far 2023 low at $64.40 well on the cards.

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