Crude Oil Futures: Outlook remains cautious

CME Group’s preliminary data for Crude Oil futures markets noted open interest shrunk for the fifth straight session on Tuesday, now by around 9.8K contracts. On the other hand, volume rose sharply, this time by around 232.5K contracts.

WTI could attempt a move to the 200-day SMA

Prices of the WTI keep navigating the upper end of the multi-week range, always gyrating around the key $40.00 mark per barrel. Tuesday’s test of fresh 4-month peaks was amidst declining open interest, hinting at the idea that extra upside still needs extra conviction. That said, the key hurdle still remains at the 200-day SMA, today at $43.39.