Crude Oil Futures: Corrective move on the cards
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Open interest in crude oil futures markets shrank by round 5.7K contracts after two daily pullbacks in a row on Thursday, according to preliminary readings from CME Group. On the other hand, volume reversed two consecutive daily drops and went up by around 98.3K contracts.
WTI prices rose for the third straight session on Thursday amidst shrinking open interest. Against that, the recent rebound in crude oil prices could lose strength and spark a corrective drop in the very near term. So far, the $84.00 mark per barrel appears as the immediate hurdle for bulls.
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