Crude Oil Futures: Scope for extra losses

In light of flash data for crude oil futures markets from CME Group, open interest rose for the second session in a row at the end of last week, this time by almost 7K contracts. On the flip side, volume shrunk for the second day in a row, now by around 164.7K contracts.

Crude Oil could re-visit $34.00/bbl

Prices of the barrel of WTI remain on the defensive following last week’s rejection from the $40.00 mark. Rising open interest coupled with negative price action opens the door to further pullbacks to, potentially, the area of monthly lows near $34.00 per barrel.