CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 33.2K contracts after five consecutive daily advances. Volume, instead, added around 14.7K contracts to the previous daily build.

WTI now targets the $116.60 region

Tuesday’s inconclusive price action in the WTI was in tandem with shrinking open interest and rising volume, exposing the emergence of some consolidation in the very near term. On the upside, traders remain focused on the $116.60 level per barrel (March 24 high).