Crude Oil Futures: Corrective move in the offing?

Pablo Piovano FXStreet

Open interest in crude oil futures markets noted traders scaled back their open interest positions by nearly 4K contracts on Thursday after two consecutive daily builds considering flash data from CME Group. Volume followed suit and went down for the third consecutive session, this time by around 60.3K contracts.

WTI faces a probable correction

Prices of the WTI closed above the $81.00 mark per barrel amidst decent gains on Thursday. The uptick, however, was in tandem with shrinking open interest and volume, indicative that a potential correction remains on the cards in the not-so-distant future. The current overbought condition of the commodity reinforces that view.

Author

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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