Crude Oil Futures: Door open to further correction

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 17.3K contracts on Thursday, reaching the fifth consecutive daily drop at the same time. In the same line, volume reversed two daily builds in a row and shrank by nearly 274K contracts.

WTI: Initial support comes around $88.50

Thursday’s small advance in prices of the WTI was in tandem with shrinking open interest and volume, allowing for the continuation of the corrective downside to potentially the $88.50 region in the short-term horizon.