Crude Oil Futures: Corrective move on the cards

CME Group’s flash data for crude oil futures noted traders trimmed their open interest positions for the fourth consecutive session on Friday, this time by more than 22K contracts. Volume followed suit and went down for the fourth straight session, now by around 3.7K contracts.

WTI: Immediate resistance emerges around $72.00

Prices of WTI extended further their weekly recovery on Friday. The move, however, was accompanied by declining open interest and volume and open the door to a potential near-term correction. In the meantime, the $72.00 region per barrel emerges as an initial resistance zone.