In a volatile trade, crude oil prices fell today amid heavy trading in oil futures with both bulls and bears rushing to hedge against jolts in the steady rise of prices. The trading levels are as heavy as they were in the initial months of the COVID-19 crisis last year.

Brent crude oil futures fell 51 cents to 67.88 dollars a barrel and US crude futures shed 40 cents to 64.39 dollars a barrel. Oil futures have already recovered to pre-pandemic levels, with Brent crude futures spiking 55 dollars in less than a year to 70 dollars a barrel this week while actual fuel demand still remaining weak.

But speculation over when and if people will begin to travel and commute as they once did is driving dueling bets in the market.
Total monthly contracts for US WTI crude increased to more than 1 million in February for the first time since May, according to the US Commodity Futures Trading Commission.

Meanwhile, market interest in Brent contract reached an all-time high of 2.8 million contracts on Feb. 19, topping its last record in April last year.