Crude Oil Futures: Potential for further weakness

CME Group’s advanced data for crude oil futures markets noted open interest rose by nearly 57.2K contracts on Thursday following two drops in a row. Volume too went up, this time for the third consecutive session and by nearly 377.7K contracs.

WTI does not rule out a move to $20.00/bbl

Thursday’s bearish performance in prices of the barrel of WTI was in tandem with rising open interest and volume, opening the door for a probable re-visit to the key support in the $20.00 neighbourhood per barrel in the short-term horizon.