oil1706jpgTraders scaled back their open interest positions for the third session in a row on Tuesday, now by around 17.2K contracts. On the opposite side, the volume went up for the second consecutive session, this time by around 47.3K contracts.

Prices of the WTI are gradually edging higher amidst shrinking open interest and rising volume. That said, further consolidation thus remains likely in the very near-term, with clear resistance at the $40.00 mark per barrel so far.