According to preliminary prints for crude oil futures markets from CME Group, open interest rose by nearly 3.8K contracts at the beginning of the week following three consecutive daily pullbacks. Volume, instead, shrunk by around 100.2K contracts.
WTI seen well supported near $49.30… for now
Prices of the WTI have so far failed to break below the critical $50.00 mark per barrel on a sustainable fashion. Monday’s pullback was in tandem with rising open interest, allowing for extra losses in the short-term horizon. However, the generalized downtrend in volume could add to the idea that the $49.30 region (2020 lows) should hold the downside for the time being.
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