Crude Oil Futures: Scope for extra losses

Considering advanced prints from CME Group for crude oil futures markets, traders extended the uptrend for yet another session on Monday, this time by just 937 contracts. In the same line, volume resumed the upside and went up by around 19.1K contracts.

WTI: Immediately to the downside comes $82.10

Prices of the barrel of WTI retreated for the second session in a row on Monday. The negative price action was on the back of increasing open interest and volume and opens the door to the continuation of the downside in the very near term. That said, the next support emerges at the weekly low at $82.10 per barrel (October 18).