Considering preliminary readings from CME Group for crude oil futures markets, traders scaled their open interest positions for yet another session at the end of last week, now by nearly 12K contracts. Volume followed suit and shrank by around 135.5K contracts, reaching the third consecutive daily drop.

WTI: Next stop… the moon?

Geopolitical tensions pushed prices of the barrel of WTI further north on Friday. The move higher, however, was on the back of shrinking open interest and volume, opening the door to a near-term correction. This view is also reinforced by the extreme overbought condition of the commodity.