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Upside could take a breather

CME Group’s flash data for crude oil futures markets found that traders reduced their open positions for the third consecutive time on Tuesday, now by around 9.2K contracts. On the other hand, the volume reversed two consecutive daily decreases and rose by around 330.5K contracts.

WTI stays near $ 85.00. c -ped

Prices of WTI stalled just before the $ 85.00 a barrel mark on Tuesday. The 3-day positive was amid shrinking open interest, suggesting the presence of short covering behind the move higher. However, a potential corrective move could be in sight once the short cover ends.

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