Crude Oil Futures: Corrective downside still on the cards

Considering preliminary readings from CME Group for crude oil futures markets, traders trimmed their open interest positions by around 2.5K contracts at the end of last week, partially reversing the previous build. Volume followed suit and rose by around 184.5K contracts after two daily builds in a row.

WTI stays focused on tops near $88.00

The barrel of WTI closed Friday’s session with modest gains after dropping to multi-day lows. The price action was in tandem with diminishing open interest and volume, exposing the resumption of the downtrend in the very near term, while recent 2022 highs near the $88.00 mark per barrel remains the immediate magnet for oil bulls.