Taking into account the advanced data from CME Group for the crude oil futures markets, the iOpen interest dropped for the first time since May 25this time in about 32,800 contracts. Volume, on the other hand, increased for the second consecutive sessionnow standing at about 284,300 contracts.
WTI: Pause Before New Gains?
Tuesday’s decent advance in oil prices West Texas Intermediate (WTI) it came amid a reduction in open interest, hinting at the idea that a further rally could hit an air pocket sooner rather than later. Contributing to this view, the commodity flirts with overbought territory, as the daily RSI approaches the 70 level. However, the bullish stance remains, with next target at 2022 high, beyond $129.00/barrel mark (March 8).
Source: Fx Street
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