Crude Oil Futures: Extra range bound likely

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions for the second session in a row on Tuesday, this time by around 23.5K contracts. Volume followed suit and shrank by nearly 29K contracts.

WTI looks capped by $84.00 so far

Prices of the barrel of WTI charted an inconclusive session on Tuesday, closing the day with marginal gains. The move was accompanied by shrinking open interest and volume and allows for further side-lined price action in the very near term. In the meantime, the upside in the commodity faces decent hurdle around the $84.00 mark per barrel for the time being.