Crude Oil Futures: Near-term top in place?

In light of preliminary figures from CME Group for Crude Oil futures markets, open interest and volume shrunk by around 7.3K contracts and by nearly 57.7K contracts, respectively, on Tuesday.

WTI faces further consolidation

Prices of the WTI appear to have met a strong barrier around the $40.00 mark per barrel. In fact, Tuesday’s inconclusive price action was amidst diminishing open interest and volume, leaving this level as a potential short-term top for the time being.