Open interest in crude oil futures markets shrank for the second consecutive day on Tuesday, now down about 11.5k contracts, according to preliminary readings from the CME Group. Along the same line, volume fell for the second straight day, this time by almost 69,000 contracts.
WTI faces the next hurdle at the 55-day SMA
prices of STI extended Tuesday’s weekly leg to close above the $73.00 a barrel level. However, the positive price action has been accompanied by a decline in open interest and volume, signaling that the current bull run may struggle to continue, at least for the near term. On the upside, the 55-day SMA should provide initial resistance near $76.20.
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