Crude Oil Futures: Rally could take a breather

CME Group’s flash prints for crude oil futures markets noted open interest rose for the second straight session on Thursday, this time by around 23.9K contracts. In the same line, volume went up by around 125.3K contracts after three consecutive daily pullbacks.

WTI: Initial support emerges at $58.60

Prices of the WTI met resistance in the $64.00 neighbourhood before charting an inconclusive session on Thursday, extending the rally to new yearly peaks. The uptick was against the backdrop of increasing open interest and volume, allowing for some consolidation ahead of the potential resumption of the uptrend. That said, WTI still faces the next significant hurdle at the 2020 high around $65.60 (January 8).