Crude Oil Futures: Probable correction near term

CME Group’s advanced figures for crude oil futures markets noted traders added around 27.2K contracts to their open interest positions on Thursday, extending the uptrend for yet another session. On the other hand, volume 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.