Crude Oil Futures: Probable correction near term
|Crude oil futures' open interest positions rose by 27.2K contracts on Thursday, extending the uptrend for yet another session, according to CME Group’s advanced figures. Volume, conversely reversed two daily builds and dropped by around 192.1K contracts.
WTI still targets the $85.00 level
Thursday’s negative price action in the WTI was in tandem with rising open interest, which opens the door to further retracements in the very near term at least. In the meantime, the current constructive outlook for the commodity continues to target November’s top just below the $85.00 mark per barrel.
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