Crude Oil Futures: Downside seen limited

CME Group’s preliminary data for Crude Oil futures noted open interest resumed the recent downtrend and decreased by around 34.7K contracts on Tuesday. On the other hand, volume reversed two drops in a row and rose by around 155K contracts.

WTI stays vigilant on OPEC headlines

Prices of the barrel of WTI receded from recent tops beyond the $29.00 mark, finding some decent contention around the 10-day SMA in the $23.50 area so far this week. Further consolidation or even a rebound in the very near term emerges as probable on the back of still inconclusive activity in both open interest and volume.