Crude Oil Futures: an interim low seems in place

CME Group’s latest report showed open interest in Crude Oil futures partially reversed the previous drop and rose by around 1.6K contracts on Tuesday. Volume, instead, extended the downside and shrunk by around 48.5K contracts.

WTI looks supported around $58.00

Prices of the barrel of WTI appears to have based in the $58.00 neighbourhood so far. Rising open interest and the continuation of the downtrend in volume in combination with the inconclusive session on Tuesday support this view and might even allow for a small rebound in the near term.