Crude Oil Futures: Further correction likely

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the third consecutive session on Friday, this time by nearly 12.5K contracts. Volume followed suit and rose by around 120.9K contracts after two straight daily pullbacks.

WTI still targets the $54.00 mark

Prices of the WTI retreated on Friday amidst rising open interest and volume, therefore opening the door to further decline in the very near-term. Occasional pullbacks, however, are seen as shallow while the next hurdle of relevance remains at the $54.00 mark per barrel.