Crude Oil Futures: Correction lower overdue?

CME Group’s advanced readings for petroleum futures markets noted both open interest and volume shrank markedly on Tuesday, this point 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 rear of diminishing open interest and volume. Against this, and paired with the present overbought condition of the commodity, a corrective downside stays well on the cards within the very near term.

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