Crude Oil Futures: Upside could lose some traction

CME Group’s flash data for crude oil futures markets saw traders scaling back their open interest positions by nearly 13K contracts, reversing four consecutive daily builds at the end of last week. Volume, instead, went up for the second session in a row, now by almost 460K contracts.

WTI approaches overbought levels

Prices of the WTI kept the rally well and sound on Friday, briefly testing (but not closing at) levels above the key $80.00 mark per barrel. The move was amidst shrinking open interest, however, hinting at the idea that the upside could be running out of steam in the very near term. Supporting the latter, the commodity already flirts with the overbought territory.