In light of preliminary data from CME Group for Crude Oil futures markets, open interest rose for the fifth consecutive session on Tuesday, this time nearly 7.8K contracts. On the other hand, volume reversed three builds in a row and shrunk by nearly 164.4K contracts.
WTI risks further pullbacks
The barrel of WTI closed in sub-$50.00 levels on Tuesday against the backdrop of rising open interest, which should be supportive of the continuation of the leg lower. The significant drop in volume, however, warns against a sustainable breach of the $50.00 mark per barrel.
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