Crude Oil Futures: Rally could face a correction near term

Open interest in crude oil futures markets shrank for the second straight session on Thursday, this time by almost 5K contracts according to preliminary readings from CME Group. On the other hand, volume resumed the uptrend and rose by nearly 32K contracts, reversing the previous daily decline.

WTI: Next up-barrier sits near $93.70

The sharp uptrend in prices of WTI surpassed the key $90,00 mark per barrel on Thursday amidst diminishing open interest, leaving the door open to a corrective move in the not-so-distant future. In the meantime, bulls are expected to meet the next hurdle around the November 2022 peak at $93.73 (November 7).