Considering advanced prints from CME Group for crude oil futures markets, open interest dropped for the second straight session on Tuesday, this time by around 2.2K contracts. On the other hand, volume resumed the uptrend and increased by around 292.3K contracts, reversing the previous daily decline.
WTI looks supported near $77.00
Prices of WTI sold-off markedly on Tuesday, breaching the $80.00 mark per barrel and the critical 200-day SMA. The pronounced pullback was in tandem with declining open interest and warns against a sustained decline in the very near term. So far, the $77.00 region emerges as a decent near-term contention area for the time being.
Source: https://www.fxstreet.com/news/crude-oil-futures-a-sustained-retracement-seems-unlikely-202311080759