Crude Oil Futures: Extra gains under scrutiny

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions by just 685 contracts on Friday, reaching the third daily drop in a row. In the same line, volume resumed the decline and went down by almost 155K contracts.

WTI: Next target now comes at the 2023 high

Prices of the barrel of WTI finally closed above the $80.00 mark on Friday. The move, however, was on the back of dwindling open interest and volume and suggests that corrective move could emerge in the very near term. The resumption of the upside, in the meantime, now targets the YTD high of $83.49 per barrel (April 12).