Crude Oil Futures: Correction lower overdue?

CME Group’s advanced readings for crude oil futures markets noted both open interest and volume shrank markedly on Tuesday, this time by around 30.5K contracts and by around 183.7K contracts, respectively.

WTI remains in overbought levels

Prices of the WTI keep navigating the upper end of the range near 2021 highs. Tuesday’s inconclusive price action saw marginal gains and was on the back of diminishing open interest and volume. Against this, and coupled with the current overbought condition of the commodity, a corrective downside stays well on the cards in the very near term.