Open interest increased for the second session in a row on Tuesday, this time by around 7.6K contracts, according to flash data from CME Group for crude oil futures markets. Volume followed suit and rose by 162.5K contracts.
WTI REMAINS CAPPED BY THE 200-DAY SMA
Prices of the WTI briefly surpassed the 200-day SMA ($42.39) on Tuesday, although the move lacked conviction and ended up in the red territory. Rising open interest and volume coupled with the negative price action is expected to keep prices under pressure in the very near-term and always within the broad consolidative mood prevailing since June.