Crude Oil Futures: Further upside appears limited

CME Group’s flash data for crude oil futures markets noted traders reversed the recent uptrend and shrunk by around 3K contracts on Tuesday. On the other hand, volume increased for the second straight session, now by around 92.3K contracts.

WTI remains capped by the 55-day SMA

Prices of the WTI keep trading around the $40.00 mark per barrel. Tuesday’s positive performance was on the back of diminishing open interest leaving the prospects of further upside somewhat contained and always with the 55-day SMA at $40.75 emerging as the initial hurdle.