Crude Oil Futures: Further correction looks likely

Open interest in crude oil futures markets rose for the first time after two consecutive pullbacks on Wednesday, this time by nearly 9.2K contracts in light of advanced data from CME Group. Volume, in the same line, increased significantly by nearly 205K contracts, also following two drops in a row.

WTI still targets the $40.00 mark

Prices of the WTI charted an inconclusive session on Wednesday amidst rising open interest and volume, allowing for some near-term consolidation as well as the probability of a corrective downside. That said, the $40.00 mark per barrel still emerges as the key hurdle on the way up.