Crude Oil Futures: Extra upside lacks conviction

Open interest in crude oil futures markets shrunk markedly by around 41.3K contracts on Thursday according to advanced figures from CME Group. In the same direction, volume went down by nearly 37K contracts.

WTI risks a correction lower near-term

Despite WTI prices extended the weekly ascent on Thursday, the move was fuelled by short covering, as noted by shrinking open interest and volume. That said, further upside is expected to gradually lose momentum and give way to a correction lower in the short-term horizon.