Crude Oil Futures: Correction lower in the offing?

CME Group’s preliminary readings for crude oil futures markets noted open interest shrunk by around 11.7K contracts on Friday following five consecutive daily builds. Volume followed suit and went down for the third session in a row, this time by around 10.4K contracts.

WTI looks to $60.00 near-term

The rally in crude oil prices could lose some momentum in the very near-term on the back of diminishing open interest and volume observed on Friday. The strong sentiment in WTI, however, keeps targeting the key $60.00 mark per barrel in the next weeks.