Crude Oil Futures: Downside has further legs to go

CME Group’s flash data for crude oil futures markets noted traders added around 16.7K contracts to their open interest positions on Monday. Volume followed suit and went up by around 71.5K contracts, partially reversing the previous strong pullback.

WTI could re-test the $58.60 area

Crude oil prices dropped further at the beginning of the week against the backdrop of increasing open interest and volume. The said, further losses remain well on the cards, motivating WTI to potentially re-visit the area of recent lows in the $58.60 zone in the short-term horizon.