Crude Oil Futures: A deeper pullback is not favoured

CME Group’s flash data for crude oil futures markets noted open interest shrank by nearly 3K contracts on Tuesday following four consecutive daily builds. Volume, instead, rose sharply by around 681.6K contracts.

WTI faces contention near $70.00

Prices of the West Texas Intermediate retreated moderately on Tuesday after clinching new YTD highs near $77.00 per barrel. The daily pullback, however, was amidst shrinking open interest, indicative that further retracements appear limited. That said, the key $70.00 mark should initially hold the downside.