Crude Oil Futures: Further weakness probable

Traders increased their open interest positions in Crude Oil futures markets for the second straight session on Monday, this time by around 31.2K contracts, as per flash prints from CME Group. Volume, instead, reversed three consecutive builds and shrunk by around 545.6K contracts.

WTI: Rising bets for another visit to $20.00/bbl

The recent deal between the OPEC+ and other oil-producer countries to stabilize the oil market appears to have been insufficient to lift prices on a sustainable fashion. Indeed, rising open interest amidst the recent negative price action in WTI opens the door to a potential move to the key $20.00 mark per barrel and even lower.