Crude Oil Futures: Extra gains appear unconvincing

CME Group’s flash data for Crude Oil Futures markets noted traders trimmed their open interest positions by around 2.8K contracts on Tuesday, extending the erratic performance seen as of late. In the same line, volume resumed the downside and shrunk by around 50.6K contracts.

WTI does not rule out a move to the 200-day SMA

Tuesday’s rebound in prices of the WTI was in tandem with shrinking open interest, hinting at the idea that a serious move higher lacks conviction for the time being. That said, a drop to the 200-day SMA near $38.30 still emerges on the horizon.