Crude Oil Futures: Waiting for the correction

In light of preliminary readings from CME Group for crude oil futures markets, open interest shrunk for the second day in a row on Tuesday, this time by more than 1K contracts. In the same direction, volume went down for the second straight session, now by around 38K contracts.

WTI still targets the $40.00 mark

Prices of the WTI keep marching north and are approaching the key barrier at $40.00 per barrel. However, the combination of shrinking open interest and volume amidst the positive price action opens the door to a near-term correction.