Crude Oil: Scope for further decline

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CME Group’s advanced figures for crude oil futures markets noted open interest rose by around 5.4K contracts at the end of last week, extending the ongoing uptrend. Volume, instead, reversed five consecutive daily builds and shrank by around 190.7K contracts.

WTI needs to clear $80.00 to allow for extra gains

Prices of the WTI managed to advance past the $80.00 mark per barrel in past sessions, although still unable to close above it. Friday’s rising open interest coupled with the negative price action, however, hints at the idea that further correction lies ahead at least in the very near term.

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