Crude Oil Futures: Near-term correction likely
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CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the second session in a row on Friday, this time by around 14.2K contracts. Volume followed suit and dropped by around 114.6K contracts after two consecutive daily builds.
Prices of the WTI added to Thursday’s gains on Friday, although the uptick was amidst diminishing open interest and volume, leaving the door open to a potential correction in the very near term. That said, the commodity should meet initial contention in the area of last week’s lows in the sub-$74.00 mark per barrel.
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