Crude Oil Futures: neutral/bearish near-term

Preliminary figures of Crude Oil futures noted that open interest rose for yet another session on Tuesday, now by around 25.6K contracts. On the other hand, volume shrunk for the second straight session, this time by nearly 278.9K contracts.

WTI: interim top in place?

The barrel of WTI closed Tuesday’s session with losses amidst increasing open interest and declining volume. Earlier on Wednesday, prices managed to advance to the vicinity of the $66.00 mark on the back of renewed turmoil in the US-Iran front. While bouts of extra upside should not be ruled out – exclusively backed by the geopolitical factor – some consolidation (even a correction lower) is also expected as traders continue to evaluate the real potential for supply disruptions.