Crude Oil Futures: Downside bias could be losing momentum

Considering advanced prints from CME Group for crude oil futures markets, open interest shrank for the second session in a row on Tuesday, now by just 781 contracts. Volume, instead, went up for the second straight session, this time by around 240.3K contracts.

WTI looks supported around the 200-day SMA

Tuesday’s sharp retracement in prices of the WTI was amidst a small downtick in open interest, which could be indicative that a deeper pullback could not be favoured in the very near term. In the meantime, the 200-day SMA at $93.98 continues to hold the downside for the time being.