Crude Oil Futures: Further consolidation on the cards

CME Group’s advanced prints for Crude Oil futures markets saw traders scaling back their open interest positions by around 8.5K contracts at the end of last week and reversing two consecutive drops. Volume, instead, rose for the third straight session, this time by around 80.7K contracts.

WTI expected to extend the rangebound trading

Prices of the WTI keep gyrating around the $40.00 mark per barrel. The consolidative mood around this key level is expected to persist for the time being among the inconclusive trends in both open interest and volume and the absence of a firm catalyst in the oil market.