Extra losses in store near term

Open interest in crude oil futures markets resumed the uptrend on Monday, rising by more than 1K contracts and partially reversing the previous daily pullback. Volume followed suit and went up by around 134.6K contracts, extending the erratic performance seen as of late.

WTI: A move to $70.00 emerges on the horizon

Prices of WTI extended the leg lower at the beginning of the week. The continuation of the downward was amidst increasing open interest and volume and is indicative that further retracement lie ahead for the commodity in the short-term horizon. That said, a deeper decline to the $70.00 mark per barrel should not ne ruled out for the time being.