Crude Oil Futures: Further losses on the cards

CME Group’s preliminary readings for crude oil futures markets noted open interest shrank for the second session in a row on Monday, this time by around 4.4K contracts. In the same line, volume extended the downtrend and dropped by 125.7K contracts.

WTI risks a drop to $78.28

Monday’s small uptick in prices of the WTI was on the back of diminishing open interest and volume, leaving the door open to further correction in the very near term. Against this, crude oil prices could retest the monthly low at $78.28 (November 4) in the short-term horizon.