Crude Oil Futures: Further recovery on the cards

Open interest in crude oil futures markets rose for yet another session on Tuesday, this time by around 6.7K contracts considering advanced figures from CME Group. Volume, instead, resumed the downtrend and dropped by more than 58K contracts.

WTI faces a moderate barrier around $72.00

Tuesday’s drop and rebound in WTI from the $71.00 region was amidst rising open interest, which leaves the door open to the continuation of the recovery in the very near term from last week’s lows near the $65.00 mark per barrel.