Crude Oil Futures: Rally could take a breather soon

Considering advanced prints from CME Group for crude oil futures markets, open interest shrank for the first time since May 25, this time by around 32.8K contracts. Volume, instead, increased for the second straight session, now by around 284.3K contracts.

WTI: Pause ahead of extra gains?

Tuesday’s decent advance in prices of the West Texas Intermediate (WTI) was amidst shrinking open interest, hinting at the idea that further upside could enter an air pocket sooner rather than later. Collaborating with this view, the commodity flirts with the overbought territory, as the daily RSI approaches the 70 yardstick. The bullish stance remains unchanged nonetheless, with the next target at the 2022 high past the $129.00 mark per barrel (March 8).