Crude Oil Futures: Near-term correction likely

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the second session in a row on Friday, this time by around 14.2K contracts. Volume followed suit and dropped by around 114.6K contracts after two consecutive daily builds.

WTI could revisit the sub-$74.00 mark

Prices of the WTI added to Thursday’s gains on Friday, although the uptick was amidst diminishing open interest and volume, leaving the door open to a potential correction in the very near term. That said, the commodity should meet initial contention in the area of last week’s lows in the sub-$74.00 mark per barrel.