Crude Oil Futures: Extra gains appear limited

Open interest in crude oil futures markets dropped for the fourth session in a row on Tuesday, now by more than 10K. In the same line, volume resumed the downtrend and shrank by around 23.2K contracts.

WTI now looks to recent tops

Prices of the WTI reversed the drop to the sub-$70.00 area on Tuesday and managed to close the day with modest gains. The positive session was sustained by short covering, as noted by declining open interest and volume, and suggests that further upside could run out of steam in the very near term. In the meantime, the next target on the upside comes at monthly peaks beyond the $73.00 mark per barrel.