Crude Oil Futures: Upside momentum could lose traction

Considering preliminary readings from CME Group for crude oil futures markets, traders added around 14.4K contracts to their open interest positions on Tuesday, extending the uptrend in place since the beginning of the new year. Volume, instead, remained choppy and shrank by around 26.6K contracts.

WTI on its way to $100/bbl?

Crude oil prices extended the rally on Tuesday on the back of rising open interest, which remains indicative of further gains in the very near term at least. However, the decrease in volume seems to support the likeliness of a corrective move soon in WTI. The latter is reinforced by the current overbought levels in the commodity, as per the daily RSI around 71.