Crude Oil Futures: Probable correction lower

CME Group’s preliminary readings for crude oil futures markets noted traders increased their open interest positions by around 34.8K contracts on Wednesday, reversing at the same time two straight drops. On the other hand, volume shrunk by almost 193K contracts.

WTI remains capped by the $54.00 mark

Once again, prices of the WTI failed to extend the march further north of the $54.00 level on Wednesday. The failed attempt was in tandem with rising open interest, which is indicative that a corrective leg lower might be shaping up in the very near-term.