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Open interest went down by around 3.3K contracts on Tuesday, as per advanced readings from CME Group. In the same direction, volume ticked higher by around 62.3K contracts, partially offsetting the previous large build.

WTI looks contained around $52.00/bbl so far

Tuesday’s recovery in prices of the WTI was in tandem with declining open interest and volume, noting that short covering was behind the move up, particularly following OPEC+ headlines. That said, another visit to YTD lows in the $52.00 region per barrel in the near-term should not be surprising.