Crude Oil Futures: Extra consolidation in the pipeline

Considering preliminary figures from CME Group for crude oil futures markets, open interest increased by around 11.2K contracts on Wednesday, reversing the previous daily drop. On the other hand, volume reversed two consecutive daily builds and shrank by around 80.2K contracts.

WTI remains side-lined around $110.00

WTI extended the range bound theme on Wednesday amidst rising open interest. That said, there is still scope for the continuation of the consolidative phase in the very near term, and always around the $110.00 region per barrel.