Crude Oil Futures: Extra correction in the pipeline

Open interest in crude oil futures markets increased for the fifth session in a row on Thursday, now by around 12.6K contracts according to preliminary readings from CME Group. Volume, instead, shrank for the second straight day, this time by around 188.1K contracts.

WTI: Resistance emerges around $88.00

WTI prices came under some downside pressure on Thursday, soon after hitting fresh yearly highs around $88.00 per barrel. The corrective move was amidst increasing open interest and favours further decline in the very near term, while bullish attempts appear so far capped by the $88.00 region.