Crude Oil Futures: Extra losses lack conviction

According to preliminary readings from CME Group for crude oil futures markets, traders scaled back their open interest positions by just 81 contracts on Tuesday, reversing at the same time four daily builds in a row. On the other hand, volume rose by around 13.5K contracts for the first time after four consecutive daily drops.

WTI looks supported by the 200-day SMA

Prices of the WTI kept the familiar range on Tuesday and closed with modest losses just above the 200-day SMA, today at $94.87. The downtick was accompanied by a small drop in open interest, which could leave prospects for further consolidation well in place for the time being.