Open interest in crude oil futures markets dropped for the third session in a row on Friday, this time by around 31.2K contracts according to preliminary readings from CME Group. On the flip side, volume went up for the second straight session, now by nearly 150K contracts.
WTI continues to target the $94.00 region
WTI prices extended its rally and surpassed the key $90.00 mark per barrel on Friday. The daily advance, however, was on the back of shrinking open interest, indicating that a corrective move could be in the offing in the very near term. In the meantime, the November 2022 peak near $94.00 (November 7) emerges as the next up-barrier for the commodity.