Crude Oil Futures: Further consolidation likely

CME Group’s advanced prints for crude oil futures markets noted traders added around 15.5K contracts to their open interest positions, reaching the fourth consecutive daily advance. In the same line, volume went up by around 127.2K contracts after four daily drops in a row.

WTI looks capped around $72.00

Monday’s inconclusive price action in WTI was in tandem with increasing open interest and volume. That said, while the rebound from las week’s lows near $65.00 seems to have met quite a decent resistance around the $72.00 mark per barrel, extra rangebound around current levels now appears probable in the very near term.