Crude Oil Futures: Downside could be losing momentum

CME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions by nearly 3K contracts on Tuesday, keeping the recent erratic activity well in place. Volume, instead, reversed three straight daily drops and increased by around 147.7K contracts.

WTI: Gains seem limited near $85.00

Prices of WTI extended the weekly leg lower on Tuesday. The downtick, however, was on the back of shrinking open interest, which suggests that a deeper pullback may not be favoured in the very near term. On the upside, the 2023 peaks near the $85.00 mark per barrel (August 10) emerge as the immediate obstacle for bulls for the time being.