Crude Oil Futures: Correction in the offing?

CME Group’s flash data for crude oil futures markets noted open interest increased for the third consecutive session on Friday, this time by around 16.6K contracts. On the other hand, volume reversed three daily builds in a row and dropped by around 140.5K contracts.

WTI now targets $100.00

The rally in prices of the WTI remains well and sound. Friday’s brief test and subsequent pullback from tops past the $93.00 mark was on the back of rising open interest, which could favour further retracement in the very near term. The ongoing overbought condition of the commodity also adds to the idea of a corrective move.