Crude Oil Futures: Further weakness looks contained

CME Group’s flash data for crude oil futures markets, open interest resumed the downside and shrank by nearly 8K contracts on Tuesday. On the other hand, volume went up sharply by around 266.5K contracts, remaining choppy for yet another session.

WTI appears supported by $85.00

Tuesday’s strong retracement in prices of the barrel of WTI was accompanied by a decline in open interest, which leaves the prospects for a deeper correction somewhat curtailed. In the meantime, crude oil prices remain supported around the August lows near $85.00 per barrel.