Crude Oil Prices: Further downside still on the cards

Traders increased their open interest positions for the second day in a row on Monday, now by nearly 5.2K contracts in light of advanced figures from CME Group. In the same direction, volume extended the erratic performance and went up by almost 94K contracts, partially reversing the previous large drop.

WTI could re-visit the $20.00/bbl mark

Prices of the WTI appear to have met important resistance around the $28.00 mark per barrel. Monday’s correction lower was amidst rising open interest, which is indicative that a deeper pullback could be in the offing in the short-term horizon.