Crude Oil Futures: Corrective downside in the offing?

Open interest in crude oil futures markets reversed three consecutive daily builds and shrunk by nearly 2.6K contracts on Tuesday. On the other hand, volume rose for the second straight session, this time by around 587.5K contracts.

WTI already flirts with $50.00

The upbeat sentiment around crude oil remains well and sound. However, Tuesday’s strong advance in WTI was on the back of diminishing open interest, which hints at the idea that a corrective downside could be shaping up.