Crude Oil Futures: Further upside not favoured

CME Group’s flash data for crude oil futures markets noted traders reduced their open interest positions by around 5.8K contracts after four consecutive daily builds. On the other hand, volume added around 180.3K contracts to the previous daily advance.

WTI: Another drop to $72.00 is not ruled out

Tuesday’s marked advance in prices of WTI was on the back of shrinking open interest, which removes strength from a sustained bounce in the very near term. Against that, there is still scope for crude oil prices to revisit the area of November lows near the $72.00 mark per barrel (November 16).