Crude Oil Futures: A near-term bounce not ruled out

Open interest in crude oil futures markets shrank for the second straight session on Tuesday, now by nearly 7K contracts according to preliminary readings from CME Group. On the other hand, volume remained choppy and went up by around 77.4K contracts.

WTI: Upside remains capped by $93.00 and above

Tuesday’s moderate downtick in prices of the WTI was amidst declining open interest, which removes strength from a potential deeper decline. Against that, there are chances of a rebound in the very near term and with the immediate up barrier at recent peaks past the $93.00 mark per barrel.