CME Group’s flash prints for crude oil futures markets noted open interest and volume shrunk by around 6.6K contracts and by nearly 554.5K contracts, respectively, on Wednesday.

WTI moves past $62.00, new YTD highs

Prices of the WTI briefly surpassed the $62.00 mark during early trade, levels last seen in January 2020. However, shrinking open interest and volume coupled with persistent overbought conditions could spark a correction lower in the very near-term. The rally faces the next resistance of note at the 2020 highs around $65.60 (January 8).