Crude Oil Futures: Further upside not favoured

CME Group’s advanced prints for Crude Oil futures markets noted open interest dropped by around 10.5K contracts on Tuesday. On the other hand, volume rose for the third consecutive session, this time by around 83.7K contracts.

WTI looks to some consolidation near-term

WTI prices edged higher on Tuesday, although the move was accompanied by declining open interest. That said, further upside seems unlikely in the very near-term, favouring instead some consolidation around current levels.