Crude Oil Futures: A deeper retracement looks unlikely

CME Group’s preliminary readings for crude oil futures markets noted traders trimmed their open interest positions by around 3.8K contracts on Tuesday, reversing four consecutive daily builds. In the same line, volume extended the erratic performance and shrank by almost 68K contracts.

WTI stays focused on $70.00

Tuesday’s downtick in prices of the WTI was accompanied by shrinking open interest and volume. Against this, a move lower appears out of favour in the very near term, while the immediate target on the upside remains at the key $70.00 mark per barrel.