Crude Oil Futures: Scope for further correction

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second consecutive session on Friday, now by 681 contracts. Volume, instead, went down for the third straight day, this time by around 108.6K contracts.

WTI faces the next support at $78.28

Prices of the WTI extended the corrective downside at the end of last week and approached the psychological $80.00 mark per barrel. The downtick was in tandem with rising open interest, which remains supportive of extra losses, at least in the very near term. Against that, the next area of contention emerges at November's low at $78.28 (November 4).