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CME Group’s flash data for crude oil futures markets noted open interest shrunk for the third consecutive session on Tuesday, now by nearly 4K contracts. Volume followed suit and dropped by around 25.1K contracts, adding to Monday’s sharp pullback.

WTI still focused on $65.00

Tuesday’s corrective downside in prices of the WTI came after hitting fresh 2021 highs beyond the $62.00 mark and amidst diminishing open interest and volume. That said, crude oil could see some consolidation/correction in the very near-term before the resumption of the ongoing uptrend. Against this, the next target remains at the 2020 high around $65.60 per barrel.

 

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