Crude Oil Futures: Extra weakness (still) on the cards

Open interest and volume went up by around 1.5K contracts and by nearly 1.33M contracts, respectively, at the beginning of the week, according to flash data from CME Group.

WTI faces further weakness

Prices of the WTI plummeted at the beginning of the week amidst rising open interest and volume. The scenario of a ‘war price’ among oil big players leaves the outlook for the commodity extremely fragile and exposed to further retracements in the short-term horizon.