CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by more than 6K contracts on Monday, reversing two daily builds in a row at the same time. Volume, on the other hand, kept the choppiness unchanged and rose by nearly 432K contracts.
WTI: A test of $70.00 is not ruled out
Prices of the WTI charted an inconclusive session on Monday, reversing an initial drop to new 2022 lows. The move was amidst shrinking open interest and a marked build in volume, exposing a probable bounce in the very near term while not ruling out further weakness in the longer run. On the latter, the $70.00 mark per barrel emerges as the immediate support.