In light of advanced figures from CME Group for crude oil futures markets, open interest went up for the second session in a row on Wednesday, this time by around 5.2K contracts. In the same direction, volume edged higher by around 59.2K contracts following two consecutive daily pullbacks.
The barrel of WTI reached fresh yearly tops just below the $54.00 mark on Wednesday before closing the session in the red territory. The move was in tandem with rising open interest and volume, which should be supportive of a corrective move in the very near-term. This view is reinforced by the current overbought levels in the commodity (gauged by the daily RSI). The resumption of the upside is seen targeting the February 2020 high near $54.50 per ounce.