Crude Oil Futures: Further correction on the cards

CME Group’s advanced figures for crude oil futures markets noted traders added nearly 31K contracts to their open interest positions on Thursday. Volume followed suit and went up by around 13.2K contracts.

WTI faces support around $54.00

Prices of the WTI keep correcting lower following new 2021 highs above $62.00 and extreme overbought conditions. Thursday’s negative price action was on the back of rising open interest and volume, opening the door to the continuation of the downtrend in the very near-term. That said, the barrel of the West Texas Intermediate faces the next area of contention around $54.00, January highs.