WTI prices rose markedly on Tuesday amidst decreasing open interest. The likelihood of further gains appears diminished while the key 200-day SMA around the $77.00 mark per barrel emerges as quite a solid hurdle for the time being.
Open interest in crude oil futures markets shrank for the second straight session on Tuesday, now by around 15.8K contracts according to preliminary readings from CME Group. On the other hand, volume added to the previous daily build and rose by around 128.4K contracts.
WTI: Gains capped by the 200-day SMA
WTI prices rose markedly on Tuesday amidst decreasing open interest. That said, the likelihood of further gains appears diminished while the key 200-day SMA around the $77.00 mark per barrel emerges a quite a solid hurdle for the time being. This area also coincides with the July peaks.
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