Crude Oil Futures: Rally could face some resistance near term

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions by around 4.4K contracts on Friday, partially reversing the previous daily build. Volume followed suit and dropped by around 231.2K contracts after three consecutive daily builds.

WTI: Immediately to the upside emerges the 2023 top

The rally in WTI advanced further on Friday, although this time the uptick was in tandem with diminishing open interest and volume. That said, further upside in the commodity is expected to struggle to advance further in the very near term, while it keeps the upside target unchanged at the YTD peak at $83.49 (April 12).