Crude Oil Futures: Correction seems on the cards

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions for yet another session on Monday, now by around 5.6K contracts. Volume followed suit and went down by nearly 23K contracts.

WTI: En route to the November 2022 high

WTI prices extended the rally for yet another session on Monday, closing above the $92.00 mark for the first time since November 2022. The extra uptick was on the back of declining open interest and volume, which hints at the likelihood that a potential corrective move could be in the offing. On the upside, the next hurdle remains at the November 2022 peak at $93.73 (November 7).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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