Crude Oil Futures: Up up up it goes

CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the third consecutive session on Thursday, this time by around 22.8K contracts. Volume followed suit and went up sharply by nearly 656K contracts.

WTI now looks to… the moon?

Prices of the WTI clinched new 2021 highs beyond the $76.00 mark on Thursday, although it closed the session just past the $75.00 yardstick. The uptick was accompanied by rising open interest and volume, leaving the door open to further upside in the near term. There is, however, the probability of a corrective downside on the back of the current overbought condition of the commodity.