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- Crude Oil Futures: Further consolidation likely near term
Crude Oil Futures: Further consolidation likely near term
Considering preliminary readings from CME Group for crude oil futures markets, open interest extended the downside in place since April 7, now by around 6.1K contracts. In the same line, volume reversed the previous build and shrank by around 126.2K contracts.
WTI: Upside appears capped by $109.12
Prices of the WTI charted an inconclusive session on Wednesday against the backdrop of diminishing open interest and volume. That said, further range bound trading should not be ruled out in the very near term, while occasional bullish attempts appear limited by the April peaks just above the $109.00 mark per barrel.
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