Crude Oil Futures: Potential correction lower

CME Group’s advanced figures for petroleum futures markets noted traders increased their open interest positions by around 15.1K contracts following four consecutive daily pullbacks on Wednesday. Volume, instead, shrank for the second session during a row, this point by quite 187K contracts.

WTI remains overbought, targets $75.00
WTI prices briefly surpassed the $74.00 mark on Wednesday, although they closed just above $73.00. The move was on the rear of rising open interest and another pullback in volume. That, plus the present overbought levels hint at the view that a correction lower might be shaping up within the very near term. On the upside, subsequent hurdle comes in at the $75.00 mark per barrel.


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