Crude Oil Futures: Corrective decline on the cards

Open interest in crude oil futures markets dropped for the second session in a row on Friday, now by more than 10K contracts according to preliminary readings from CME Group. On the flip side, volume went down for the second straight session, now by nearly 28K contracts.

WTI looks capped by $74.00

WTI prices extended the rebound at the end of last week. The uptick, however, was on the back of shrinking open interest and volume and opens the door to some corrective move in the very near term. In the meantime, the July peaks near the $74.00 mark per barrel continue to limit occasional bullish attempts for the time being.