Crude Oil Futures: Extra gains look limited

Open interest in Crude Oil futures markets reversed four straight builds and shrunk by almost 1.7K contracts on Tuesday in light of flash data from CME Group. Volume, instead, went up for the second session in a row, this time by around 110.6K contracts.

WTI still targets $40.00 and above

Prices of the barrel of WTI extended the upside on Tuesday amidst shrinking open interest, leaving the likeliness of extra upside somewhat limited in the very near-term. That said, the $40.00 mark per barrel remains the key target on the upside ahead of the 200-day SMA at $40.36.