Crude Oil Futures: Neutral/bearish short-term

CME Group’s advanced readings for Crude Oil futures markets noted open interest increased by around 13.7K contracts after two consecutive pullbacks on Tuesday. Volume, instead, went down markedly by nearly 1.795M contracts.

WTI: Extra downside not ruled out

Prices of the barrel of WTI edged higher on Tuesday amidst rising open interest, which could allow for the continuation of the recovery at least in the near-term. However, the massive drop in volume plays against this view and could spark some consolidation or even a correction lower.