Crude Oil Futures: Further gains look unlikely

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by around 11.8K contracts, reaching the third consecutive daily drop. Volume, in the same line, went down for the second straight session, this time by around 517.2K contracts, the largest single day pullback since February 25.

WTI: Another visit to $75.30 should not be ruled out

Prices of the WTI charted decent gains amidst diminishing open interest and volume on Tuesday. That said, further progress of this recovery appears unlikely in the very near term and therefore the commodity could revisit the November low at $75.30 (November 21).