Crude Oil Futures: Corrective move on the cards
|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: Initial hurdle comes near $84.00
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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