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CME Group’s advanced readings for crude oil futures markets noted open interest shrunk for the second session in a row on Tuesday, now by around 3.6K contracts. On the other hand, volume went up by nearly 235.5K contracts.

WTI looks to $54.50/bbl

Prices of the WTI rose on Tuesday on the back of diminishing open interest, hinting at the idea that further gains could run out of steam in the very near-term. In the meantime, the next key hurdle remains at the February 2020 peaks near $54.50 per barrel.