Crude Oil Futures: Rally could take a breather

CME Group’s flash prints for crude oil futures markets noted open interest and volume shrunk by around 6.6K contracts and by nearly 554.5K contracts, respectively, on Wednesday.

WTI moves past $62.00, new YTD highs

Prices of the WTI briefly surpassed the $62.00 mark during early trade, levels last seen in January 2020. However, shrinking open interest and volume coupled with persistent overbought conditions could spark a correction lower in the very near-term. The rally faces the next resistance of note at the 2020 highs around $65.60 (January 8).